reglab/housing_qa huggingface dataset:
TX Educ Code § 43.009 (2021)
2021 Texas Statutes|Education Code|Title 2 - Public Education|Subtitle I - School Finance and Fiscal Management|Chapter 43 - Permanent School Fund and Available School Fund|Subchapter A. General Provisions|Section 43.009. Prepayment of Certain Bonds Held by the Permanent School Fund

Sec. 43.009.  PREPAYMENT OF CERTAIN BONDS HELD BY THE PERMANENT SCHOOL FUND.  (a)  The State Board of Education may authorize the governing body of any political subdivision in this state to pay off and discharge, at any interest paying date whether the bonds are matured or not, all or any part of any outstanding bond indebtedness owned by the permanent school fund.(b)  The governing body of a political subdivision desiring to pay off and discharge any bonded indebtedness owned by the fund shall apply in writing to the State Board of Education, not later than the 30th day before any interest paying date on the bonds, describing the bonds or part of the bonds it desires to pay off and discharge.  The application must be accompanied by an affidavit stating that only tax money collected from a tax levy made for the specific purpose of providing a sinking fund and paying interest on the particular bonds to be redeemed will be spent in redeeming, taking up, or paying off the bonds.(c)  The State Board of Education, on receiving the application and affidavit, shall take action on them in the manner it considers best and shall notify the applicant whether the application is refused or granted in whole or in part.(d)  A person who has a duty under this section may not give or receive any commission, premium, or compensation for the performance of that duty.(e)  Only tax money collected from tax levies made for the specific purpose of providing a sinking fund and paying interest on the particular bonds to be redeemed may be spent in redeeming, taking up, or paying off of bonds as provided by this section, unless the bonds are being redeemed for the purpose of being refunded.|Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.|
TX Educ Code § 43.010 (2021)
2021 Texas Statutes|Education Code|Title 2 - Public Education|Subtitle I - School Finance and Fiscal Management|Chapter 43 - Permanent School Fund and Available School Fund|Subchapter A. General Provisions|Section 43.010. Default of School District Securities Held by the Permanent School Fund

Sec. 43.010.  DEFAULT OF SCHOOL DISTRICT SECURITIES HELD BY THE PERMANENT SCHOOL FUND.  (a)  If interest or principal has not been paid for two years or more on any bonds issued by any school district and held by the permanent school fund, the State Board of Education may:(1)  compel the district to levy a tax sufficient to meet the interest and principal payments then or later due;  or(2)  if the district furnishes to the State Board of Education satisfactory proof that the district's taxing ability is insufficient, require the district to:(A)  exhaust all legal remedies in collecting delinquent taxes;  and(B)  levy a tax at the maximum lawful rate on the bona fide valuation of taxable property located in the district.(b)  Revenue collected by either method specified by Subsection (a) shall be distributed proportionately to all owners of the defaulted securities in compliance with the following:(1)  the proportionate share for each owner is based on the interest and principal requirements of the original security before authorized refunding;  and(2)  prior acceptance of refunding securities does not reduce an owner's proportionate share.(c)  As long as any school district is delinquent in its payments of principal or interest on any of its bonds owned by the permanent school fund, the State Board of Education may specify the method of crediting payments to the state made by the district as to principal and interest.(d)  The comptroller may not issue any warrant from the foundation school fund to or for the benefit of any district that has been for as long as two years in default in the payment of principal or interest on any security owned by the permanent school fund until the State Board of Education certifies that the district has satisfactorily complied with the appropriate provisions of this section, in which event the comptroller shall resume making payments to or for the benefit of the district, including the making of pretermitted payments.|Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.|
TX Educ Code § 43.012 (2021)
2021 Texas Statutes|Education Code|Title 2 - Public Education|Subtitle I - School Finance and Fiscal Management|Chapter 43 - Permanent School Fund and Available School Fund|Subchapter A. General Provisions|Section 43.012. Refunding Other Defaulted Obligations

Sec. 43.012.  REFUNDING OTHER DEFAULTED OBLIGATIONS.  (a)  Defaulted obligations, other than bonds of school districts as provided by Section 43.011, due the available school fund may be refinanced or refunded with the approval of the State Board of Education in compliance with this section.(b)  In this section, "defaulted obligations" includes delinquent interest whether represented by coupons or not, interest on delinquent interest, and any other form of obligation due the available school fund.(c)  The obligor must apply to the State Board of Education and show:(1)  that the obligations due the available school fund have been in default in whole or in part for a continuous period of at least 15 years;  and(2)  that the obligor is not in default in the payment of the principal of any bonds owned by the permanent school fund.(d)  If the State Board of Education finds that the requirements provided by Subsection (c) have been met, it may approve a refinancing or the issuance of refunding bonds on the conditions:(1)  that the refunding bonds must mature serially in not exceeding 40 years from the date of issuance;(2)  that the principal amount of the refunding bonds may be not less than the total amount of the obligations then in default and due the available school fund;  and(3)  that the refunding bonds must bear interest at a rate or rates determined by the State Board of Education to be for the best interest of the available school fund.(e)  The State Board of Education may accept refunding bonds in lieu of either matured or unmatured bonds held for the benefit of the permanent school fund if the rate of interest on the new refunding bonds is at least the same rate as that of the bonds being refunded.(f)  Refunding bonds issued with the approval or pursuant to a refunding agreement with the State Board of Education in compliance with either this section or Section 43.011 shall, on the order of the State Board of Education, be exchanged by the comptroller for the defaulted obligations they have been issued to refund.|Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.  Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 5.02, eff. Sept. 1, 1997.|
TX Educ Code § 43.013 (2021)
2021 Texas Statutes|Education Code|Title 2 - Public Education|Subtitle I - School Finance and Fiscal Management|Chapter 43 - Permanent School Fund and Available School Fund|Subchapter A. General Provisions|Section 43.013. Jurisdiction

Sec. 43.013.  JURISDICTION.  The district courts of Travis County have jurisdiction of any suit on bonds or obligations belonging to the permanent school fund, or purchased therewith, concurrent with that of any other court having jurisdiction in the case.|Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.|
TX Educ Code § 43.014 (2021)
2021 Texas Statutes|Education Code|Title 2 - Public Education|Subtitle I - School Finance and Fiscal Management|Chapter 43 - Permanent School Fund and Available School Fund|Subchapter A. General Provisions|Section 43.014. Duties of Comptroller

Sec. 43.014.  DUTIES OF COMPTROLLER.  (a)  On or before July 1 of each year, the comptroller shall estimate the amount of the available school fund receivable from every source during the following school year and report the estimate to the State Board of Education.(b)  On or before the meeting of each regular session of the legislature, the comptroller shall report to the legislature an estimate of the amount of the available school fund that is to be received for the following two years, and the sources from which that amount accrues, and that is subject to appropriation for the establishment and support of public schools.(c)  On or before the first working day of each month, the comptroller shall certify to the commissioner the total amount of money collected from every source during the preceding month and on hand to the credit of the available school fund.(d)  On receipt of certificates issued to the comptroller by the commissioner, the comptroller shall draw warrants in favor of the treasurer of the available school fund of each school district for the amounts stated in the certificates.  All such warrants shall be registered.|Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.  Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 5.03, eff. Sept. 1, 1997.|
TX Educ Code § 43.015 (2021)
2021 Texas Statutes|Education Code|Title 2 - Public Education|Subtitle I - School Finance and Fiscal Management|Chapter 43 - Permanent School Fund and Available School Fund|Subchapter A. General Provisions|Section 43.015. Duties of Comptroller

Sec. 43.015.  DUTIES OF COMPTROLLER.  (a)  Not later than the 30th day before the first day of each regular session of the legislature and not later than the 10th day before the first day of any special session at which there can be legislation respecting the public schools, the comptroller shall report to the governor the condition of the permanent school fund and the available school fund, the amount of each fund, and the manner of its disbursement.(b)  The comptroller shall provide the State Board of Education with the reports specified by Subsection (a) and with additional reports concerning those funds requested by the State Board of Education.(c)  The comptroller shall ensure that no portion of either the permanent school fund or the available school fund is used to pay any warrant drawn against any other fund.(d)  The comptroller shall receive and hold in a special deposit and account for all properties belonging to the available school fund.  All warrants drawn on that fund by the comptroller pursuant to a certificate of the commissioner must be registered by the comptroller and then transmitted to the commissioner, and when properly endorsed shall be paid by the comptroller in the order of their presentation.(e)  On order of the State Board of Education, the comptroller shall exchange or accept refunding bonds in lieu of:(1)  either matured or unmatured bonds held for the benefit of the permanent school fund, which are being refunded under this chapter;(2)  defaulted obligations held for the benefit of the available school fund if the refunding bonds are issued in compliance with Section 43.012;(3)  defaulted obligations of any school district of this state held for the benefit of the permanent school fund or the available school fund if the refunding bonds are issued in compliance with Section 43.011;  or(4)  refunding bonds of any school district of this state for school bonds not matured held by the comptroller for the permanent school fund if the new refunding bonds are issued by the school district in compliance with this code.(f)  The comptroller shall be the custodian of all securities enumerated in Section 43.003(6) and of other securities as designated by the State Board of Education in which the school funds of the state are invested.  The comptroller shall keep those securities in the comptroller's custody until paid off, discharged, delivered as required by the State Board of Education, or otherwise disposed of by the proper authorities of the state, and on the proper installment of any interest or dividend, shall see that the proper credit is given, and the coupons on bonds, when paid, shall be separated from the bonds and cancelled by the comptroller.|Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.  Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 5.04, eff. Sept. 1, 1997.|
TX Educ Code § 43.016 (2021)
2021 Texas Statutes|Education Code|Title 2 - Public Education|Subtitle I - School Finance and Fiscal Management|Chapter 43 - Permanent School Fund and Available School Fund|Subchapter A. General Provisions|Section 43.016. Use of Available School Fund

Sec. 43.016.  USE OF AVAILABLE SCHOOL FUND.  All available school funds shall be appropriated in each county for the education of its children.|Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.|
TX Educ Code § 43.017 (2021)
2021 Texas Statutes|Education Code|Title 2 - Public Education|Subtitle I - School Finance and Fiscal Management|Chapter 43 - Permanent School Fund and Available School Fund|Subchapter A. General Provisions|Section 43.017. Use of Commercial Banks as Agents for Collection of Income From Permanent School Fund Investments

Sec. 43.017.  USE OF COMMERCIAL BANKS AS AGENTS FOR COLLECTION OF INCOME FROM PERMANENT SCHOOL FUND INVESTMENTS.  (a)  The State Board of Education may contract with one or more commercial banks to receive payments of dividends and interest on securities in which the state permanent school funds are invested and transmit that money with identification of its source to the comptroller for the account of the available school fund by the fastest available means.(b)  In choosing each commercial bank with which to contract as authorized by Subsection (a), the State Board of Education shall assure itself of:(1)  the financial stability of the bank;(2)  the location of the bank with respect to its proximity to the banks on which checks are drawn in payment of dividends and interest on securities of the permanent school fund;(3)  the experience and reliability of the bank in acting as agent for others in the similar collection and expeditious remittance of money;  and(4)  the reasonableness of the bank's charges for the services, both in amount of the charges and in relation to the increased investment earnings of the available school fund that will result from speedier receipt by the comptroller of the money.|Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.  Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 5.05, eff. Sept. 1, 1997.|
TX Educ Code § 43.018 (2021)
2021 Texas Statutes|Education Code|Title 2 - Public Education|Subtitle I - School Finance and Fiscal Management|Chapter 43 - Permanent School Fund and Available School Fund|Subchapter A. General Provisions|Section 43.018. Participation in Fully Secured Securities Loan Programs

Sec. 43.018.  PARTICIPATION IN FULLY SECURED SECURITIES LOAN PROGRAMS.  (a)  The State Board of Education may contract with a commercial bank to serve both as a custodian of securities in which the state permanent school funds are invested and to lend those securities, under the conditions prescribed by Subsection (b), to securities brokers and dealers on short-term loan.(b)  The State Board of Education may contract with a commercial bank pursuant to this section only if:(1)  the bank is located in a city having a major stock exchange;(2)  the bank is experienced in the operation of a fully secured securities loan program;(3)  the bank has adequate capital in the prudent judgment of the State Board of Education to assure the safety of the securities entrusted to it as a custodian;(4)  the bank will require of any securities broker or dealer to which it lends securities owned by the state permanent school fund that the broker or dealer deliver to it cash collateral for the loan of securities, and that the cash collateral will at all times be not less than 100 percent of the market value of the securities lent;(5)  the bank executes an indemnification agreement, satisfactory in form and content to the State Board of Education, fully indemnifying the permanent and available school funds against loss resulting from the bank's service as custodian of securities of the permanent school fund and its operation of a securities loan program using securities of the permanent school fund;(6)  the bank will speedily collect and remit on the day of collection by the fastest available means to the comptroller any dividends and interest collectible by it on securities held by it as custodian, together with identification as to the source of the dividends or interest;  and(7)  the bank is the bank agreeing to pay to the available school fund the largest sum or highest percentage of the income derived by the bank from use of the securities of the permanent school fund in the operation of a securities loan program.|Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.  Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 5.06, eff. Sept. 1, 1997.|
TX Educ Code § 43.019 (2021)
2021 Texas Statutes|Education Code|Title 2 - Public Education|Subtitle I - School Finance and Fiscal Management|Chapter 43 - Permanent School Fund and Available School Fund|Subchapter A. General Provisions|Section 43.019. Accounting Treatment of Certain Exchanges

Sec. 43.019.  ACCOUNTING TREATMENT OF CERTAIN EXCHANGES.  The State Board of Education may account for the exchange of permanent school fund securities in a closely related sale and purchase transaction in a manner in which the gain or loss on the sale is deferred as an adjustment to the book value of the security purchased, if:(1)  the security sold and the security purchased have a fixed maturity value;(2)  the board is authorized by law to invest the permanent school fund in the security purchased;(3)  the sale is made in clear contemplation of reinvesting substantially all of the proceeds;(4)  substantially all of the proceeds are reinvested;(5)  the transaction is completed within a reasonable time after the sale, not to exceed 30 business days;  and(6)  the transaction results in an improvement in effective income yield, taking into consideration the deferral of any gain or loss on the sale.|Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.|
TX Educ Code § 43.020 (2021)
2021 Texas Statutes|Education Code|Title 2 - Public Education|Subtitle I - School Finance and Fiscal Management|Chapter 43 - Permanent School Fund and Available School Fund|Subchapter A. General Provisions|Section 43.020. Treatment of Accrued Income

Sec. 43.020.  TREATMENT OF ACCRUED INCOME.  All interest and dividends accruing from the investments of the permanent school fund shall be deposited to the credit of the available school fund in accordance with the accrual basis of accounting.  Funds recognized under this section are considered part of the available school fund and may be appropriated as provided by Section 5, Article VII, Texas Constitution.|Added by Acts 2003, 78th Leg., ch. 201, Sec. 37, eff. June 10, 2003.|
TX Educ Code § 43.051 (2021)
2021 Texas Statutes|Education Code|Title 2 - Public Education|Subtitle I - School Finance and Fiscal Management|Chapter 43 - Permanent School Fund and Available School Fund|Subchapter B. Texas Permanent School Fund Corporation|Section 43.051. Definitions

Sec. 43.051.  DEFINITIONS.  In this subchapter:(1)  "Board of directors" means the board of directors of the corporation.(2)  "Chief executive officer" means the chief executive officer of the corporation employed under Section 43.054.(3)  "Corporation" means the Texas Permanent School Fund Corporation.|Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.|
TX Educ Code § 43.052 (2021)
2021 Texas Statutes|Education Code|Title 2 - Public Education|Subtitle I - School Finance and Fiscal Management|Chapter 43 - Permanent School Fund and Available School Fund|Subchapter B. Texas Permanent School Fund Corporation|Section 43.052. Creation of Corporation

Sec. 43.052.  CREATION OF CORPORATION.  (a)  The State Board of Education may incorporate the Texas Permanent School Fund Corporation and delegate to the corporation the board's authority to manage and invest:(1)  the permanent school fund under Section 43.003; and(2)  the charter district bond guarantee reserve fund under Section 45.0571.(b)  The State Board of Education shall adopt the initial articles of incorporation for the corporation.(c)  The corporation is a special-purpose governmental corporation and instrumentality of the state with necessary and implied powers to accomplish its purpose.  The corporation is subject to regulation and limitation only as provided by this subchapter.|Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.|
TX Educ Code § 43.053 (2021)
2021 Texas Statutes|Education Code|Title 2 - Public Education|Subtitle I - School Finance and Fiscal Management|Chapter 43 - Permanent School Fund and Available School Fund|Subchapter B. Texas Permanent School Fund Corporation|Section 43.053. Board of Directors; Meetings

Sec. 43.053.  BOARD OF DIRECTORS; MEETINGS.  (a)  The board of directors is composed of the following nine members:(1)  five members of the State Board of Education, appointed by the board in accordance with board policy;(2)  the commissioner of the General Land Office;(3)  one member appointed by the commissioner of the General Land Office who has substantial background and expertise in investments and asset management; and(4)  two members appointed by the governor, with the advice and consent of the senate, each of whom must have substantial background and expertise in investments and asset management and may not be members of the State Board of Education or the School Land Board.(b)  The State Board of Education by rule shall establish the terms of members of the board of directors appointed under Subsection (a)(1).(c)  Members of the board of directors appointed under Subsections (a)(3) and (4) serve staggered six-year terms, with the term of one member expiring on January 1 of each odd-numbered year.(d)  The initial members described by Subsection (c) shall determine by lot which one of the initial members will serve a term expiring January 1 of the first odd-numbered year following the establishment of the corporation, which one of the initial members will serve a term expiring January 1 of the second odd-numbered year following the establishment of the corporation, and which one of the initial members will serve a term expiring January 1 of the third odd-numbered year following the establishment of the corporation.(e)  Appointments to the board of directors must be made without regard to the race, color, disability, sex, religion, age, or national origin of the appointees.(f)  The board of directors shall elect officers of the board in accordance with the corporation's bylaws.(g)  The board of directors shall meet at least three times per year.|Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.|
TX Educ Code § 43.054 (2021)
2021 Texas Statutes|Education Code|Title 2 - Public Education|Subtitle I - School Finance and Fiscal Management|Chapter 43 - Permanent School Fund and Available School Fund|Subchapter B. Texas Permanent School Fund Corporation|Section 43.054. Chief Executive Officer

Sec. 43.054.  CHIEF EXECUTIVE OFFICER.  (a)  The corporation shall employ a chief executive officer to manage and carry out the policies of the corporation.  The board of directors shall determine the process for hiring the chief executive officer.(b)  The chief executive officer serves at the will of the board of directors.|Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.|