TITLE: Relating to a credit for prepayment of the amount required to be paid by a school district for the purchase of attendance credit under the public school finance system.

SUMMARY: Relating to a credit for prepayment of the amount required to be paid by a school district for the purchase of attendance credit under the public school finance system.

FULL TEXT:
AN ACT relating to a credit for prepayment of the amount required to be paid by a school district for the purchase of attendance credit under the public school finance system. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subchapter D, Chapter 49, Education Code, is amended by adding Section 49.1541 to read as follows: Sec. 49.1541. CREDIT FOR PREPAYMENT. (a) If a school district elects to pay for attendance credit purchased in the manner provided by Section 49.154(a)(2), the total amount required under Section 49.153 for the district to purchase credit under this subchapter for any school year is reduced at a rate of one percent for each full 30-day period remaining until August 15 of the school year for which the agreement is in effect on the date the district pays in one payment the total amount required to be paid by the district. (b) A reduction under Subsection (a) shall be made after making any reduction to which the district is entitled under Section 49.157 or another provision of this chapter. SECTION 2. This Act takes effect on the 91st day after the last day of the legislative session.