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Texas Statutes (Last Updated: January 4, 2014) |
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EDUCATION CODE |
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Title 2. PUBLIC EDUCATION |
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Subtitle I. SCHOOL FINANCE AND FISCAL MANAGEMENT |
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Chapter 45. SCHOOL DISTRICT FUNDS |
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Subchapter C. GUARANTEED BONDS |
Sec. 45.061. REIMBURSEMENT OF FUNDS
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(a) If the commissioner orders payment from the permanent school fund or the charter district bond guarantee reserve fund on behalf of a school district or charter district, the commissioner shall direct the comptroller to withhold the amount paid, plus interest, from the first state money payable to the school district or charter district. Except as provided by Subsection (a-1), the amount withheld shall be deposited to the credit of the permanent school fund.
(a-1) After the permanent school fund has been reimbursed for all money paid from the fund as the result of a default of a charter district bond guaranteed under this subchapter, any remaining amounts withheld under Subsection (a) shall be deposited to the credit of the charter district bond guarantee reserve fund.
(b) In accordance with the rules of the board, the commissioner may authorize reimbursement to the permanent school fund or charter district bond guarantee reserve fund with interest in a manner other than that provided by this section.
(c) The commissioner may order a school district to set an ad valorem tax rate capable of producing an amount of revenue sufficient to enable the district to:
(1) provide reimbursement under this section; and
(2) pay the principal of and interest on district bonds as the principal and interest become due.
(d) If a school district fails to comply with the commissioner's order under Subsection (c), the commissioner may impose any sanction on the district authorized to be imposed on a district under Subchapter G, Chapter 39, including appointment of a board of managers or annexation to another district, regardless of the district's accreditation status or the duration of a particular accreditation status.