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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 I. INTERCEPT PROGRAM TO PROVIDE CREDIT ENHANCEMENT FOR BONDS |
Sec. 45.2541. INTERCEPT OF FOUNDATION SCHOOL PROGRAM APPROPRIATIONS AS CREDIT ENHANCEMENT
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(a) Money appropriated for the Foundation School Program that may be used for the purpose under this subchapter and under any other law, rule, or regulation shall be used to provide credit enhancement for eligible bonds as provided by this subchapter, the General Appropriations Act, and board rule if using the permanent school fund to guarantee particular bonds would result in:
(1) a total amount of outstanding bonds guaranteed by the permanent school fund exceeding the amount authorized under:
(A) Section 45.053; or
(B) federal law or regulations; or
(2) the use of a portion of the cost value of the permanent school fund reserved under Section 45.0531, as determined by the board.
(b) If Foundation School Program appropriations are not sufficient in any year to pay principal or interest that becomes due on bonds for which credit enhancement is provided under this subchapter, the payment shall be made from the following year's Foundation School Program appropriations that may be used for the purpose under this subchapter before those appropriations are used for any other Foundation School Program purpose.