Texas Education Code 53A.49 – Bonds for Certain Schools Owned and Operated by Nonprofit Corporations
(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 § 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.
Terms Used In Texas Education Code 53A.49
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Population: means the population shown by the most recent federal decennial census. See Texas Government Code 311.005