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Texas Education Code - EDUC § 53A.49. Bonds for Certain Schools Owned and Operated by Nonprofit Corporations

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) In the same manner that a corporation may issue bonds under this chapter for an institution of higher education, a corporation created under Section 53A.35(b) may issue bonds to finance or refinance educational facilities to be used by a school that:

(1) is located in a county with a population of more than 2.5 million;

(2) is located within three miles of an area designated as an enterprise zone under Chapter 2303, Government Code;

(3) provides primary and secondary education to at least 1,000 students;

(4) is accredited by an organization approved by the Texas Education Agency for private school accreditation;  and

(5) is owned and operated by a corporation created under the Texas Nonprofit Corporation Law, as described by Section 1.008(d), Business Organizations Code.

(b) Notwithstanding Section 53A.34(b), bonds issued under this section may be payable from and secured by a pledge of any revenue or assets pledged for that purpose.

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Cite this article: FindLaw.com - Texas Education Code - EDUC § 53A.49. Bonds for Certain Schools Owned and Operated by Nonprofit Corporations - last updated January 01, 2024 | https://codes.findlaw.com/tx/education-code/educ-sect-53a-49/

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