Source: https://texreg.sos.state.tx.us/public/readtac$ext.TacPage?sl=R&app=9&p_dir=&p_rloc=&p_tloc=&p_ploc=&pg=1&p_tac=&ti=19&pt=2&ch=61&rl=1032
Timestamp: 2020-06-03 04:35:44
Document Index: 263835227

Matched Legal Cases: ['§61', '§28', '§28', '§46', '§271', '§46', '§46', '§46', '§46', '§46', '§46', '§46', '§46', '§46', '§46']

CHAPTER 61 SCHOOL DISTRICTS
SUBCHAPTER CC COMMISSIONER'S RULES CONCERNING SCHOOL FACILITIES
RULE §61.1032 Instructional Facilities Allotment
(1) Instructional facility--real property, an improvement to real property, or a necessary fixture of an improvement to real property that is used predominantly for teaching the curriculum required by Texas Education Code (TEC), §28.002.
(2) Noninstructional facility--a facility that may occasionally be used for instruction, but the predominant use is for purposes other than teaching the curriculum required by TEC, §28.002.
(5) Allotment--the amount of eligible debt service that can be considered for state aid. The total allotment is made up of a combination of state aid and local funds. The state share and local share are adjusted annually based on changes in average daily attendance (ADA), property values, and debt service.
(6) State information repository--the Municipal Advisory Council of Texas (MAC).
(7) Sale date--the date of the award (i.e., the official acceptance by the issuer of a bid or an offer to purchase a new issue of municipal securities by an underwriter).
<?Pub Caret -2> (b) Application process. A school district must complete a separate application requesting funding under the IFA for each debt issue or lease-purchase agreement proposed for funding. The commissioner of education may require supplemental information to be submitted at an appropriate time after the application is filed to reflect changes in amounts and conditions related to the debt. The application shall contain at a minimum the following:
(4) drafts of official statements or contracts that fully describe the debt and that are filed with the state information repository, as soon as available.
(1) The debt service must be an obligation of a school district that is entered into pursuant to the issuance of bonded debt under TEC, Chapter 45, Subchapter A; an obligation for refunding bonds as defined in TEC, §46.007; or an obligation under a lease-purchase agreement authorized by Local Government Code, §271.004.
(2) Application for funding of bonded debt service must be received at the Texas Education Agency (TEA) before the sale date of an issue.
(5) Funds raised by the district through the issuance of bonded debt must be used for an instructional facility purpose as defined by TEC, §46.001. The facility acquired by entering into a lease-purchase agreement must be an instructional facility as defined by TEC, §46.001.
(6) If the bonded debt is for a refinancing or a combination of refinancing and new debt, the refinanced portion must meet the same eligibility criteria with respect to dates of first debt service as a new issue as defined by TEC, §46.003(d)(1). The method used for the allocation of debt service between qualified and nonqualified projects and between eligible and ineligible debt will be applied to the debt service schedule resulting from a refinancing of IFA-supported debt.
(C) Current and future IFA state aid payments may be adjusted to reflect the disqualified debt service payments. If no IFA state aid is due in a fiscal year that is affected by such an adjustment, a district will be notified about the disqualified amount and the provisions in TEC, §46.009(e), will apply.
(D) Unless otherwise requested, payments of IFA state aid based on the updated eligible debt service reported in the completed amended application packet shall be made with the payments due for the following fiscal year in accordance with TEC, §46.009(d).
(9) In addition to the provisions in TEC, §46.007, refunding bonds must also meet the following criteria.
(A) The refinancing of bonds must result in a present value savings as defined by TEC, §46.007.
(iv) The district must certify the projected net present value savings for refinancing described in clauses (i)-(iii) of this subparagraph based on the parameters prescribed therein. The district must submit the certification in a format prescribed by the commissioner.
(B) A conversion of the period, mode, or index used to determine the interest rate for eligible debt in accordance with the order authorizing the issuance or delivery of such eligible debt shall not be considered a refunding of eligible debt, and a district shall be eligible for state funding assistance based on the new debt service schedule contingent upon receipt of the required amended application packet as defined in paragraph (7) of this subsection.
(C) A district may refinance IFA-supported debt up to two times after the issuance of the original IFA-supported debt. Upon the third or subsequent refinancing transaction, the TEA may evaluate the IFA-supported debt for conversion to the Existing Debt Allotment (EDA) program. Determination of eligibility for conversion will be based on the district's remaining capacity in the EDA program and the district's other IFA-supported debt. The TEA will notify the district of the conversion within 180 days of receiving notification of the third or subsequent refinancing transaction involving an IFA-supported debt.
(C) Any portion of a bond issue that refinances a portion of a lease-purchase agreement that was originally ineligible for IFA funding shall remain ineligible. Ineligible debt includes refunded bonds that fail to meet the criteria under TEC, §46.007, and/or bonds used for purposes not meeting the definition of qualified projects as described in TEC, §46.001 and §46.002.