reglab/statecodes huggingface dataset:
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter F. Athletic Stadium Authorities › Section 45.151. Definitions

Sec. 45.151.  DEFINITIONS.  In this subchapter:
(1)  "District" means any independent school district.
(2)  "Stadium" means the structural and associated facilities designed for staging and holding athletic contests and other events.
(3)  "Authority" means an athletic stadium authority created under this subchapter.
(4)  "Board of directors" means the board of directors of the authority.
(5)  "Bond resolution" means the resolution authorizing the issuance of revenue bonds.
(6)  "Trust indenture" means the mortgage, deed of trust, or other instrument pledging revenues of or creating a mortgage lien on properties, or both, to secure the revenue bonds issued by the authority.
(7)  "Trustee" means the trustee under the trust indenture.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter F. Athletic Stadium Authorities › Section 45.152. Creation of Authority

Sec. 45.152.  CREATION OF AUTHORITY.  (a)  If the boards of trustees of two districts find that it is to the best interest of the districts to create an athletic stadium authority to include the districts, each board of trustees shall adopt a resolution creating an authority and designating the name by which it shall be known.
(b)  An authority is a body politic and corporate.  It must have a seal, may sue and be sued, and may make, amend, and repeal its bylaws.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter F. Athletic Stadium Authorities › Section 45.153. Board of Directors

Sec. 45.153.  BOARD OF DIRECTORS.  (a)  An authority is governed by a board of directors consisting of seven members.  The members of the board serve terms ending May 1.  A member's term may not exceed two years.  The board of trustees of each district shall each appoint three directors, and the appointees shall by majority vote appoint a seventh director.
(b)  The board of directors shall elect from among the directors a president and vice president.  The board shall elect a secretary and a treasurer who may or may not be directors and may elect other officers as authorized by the authority's bylaws.  The offices of secretary and treasurer may be combined.  The president has the same right to vote on all matters as other members of the board.
(c)  A majority of the members of the board constitutes a quorum, and when a quorum is present, action may be taken by a majority vote of directors present.
(d)  The board may employ a manager and other employees, experts, and agents or may delegate to the manager the power to employ and discharge employees.  The board may employ legal counsel.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter F. Athletic Stadium Authorities › Section 45.154. Construction, Acquisition, and Operation of Stadium

Sec. 45.154.  CONSTRUCTION, ACQUISITION, AND OPERATION OF STADIUM.  An authority may construct, enlarge, furnish, and equip stadia, purchase existing stadia, furnishings, and equipment for its stadia, and operate and maintain stadia.  A stadium need not be located inside a district creating the authority.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter F. Athletic Stadium Authorities › Section 45.155. Bonds

Sec. 45.155.  BONDS.  (a)  An authority may issue revenue bonds to provide funds for any of its purposes.  The bonds shall be payable from and secured by a pledge of all or any part of the revenue to be derived from the operation of the stadium or stadia and any other revenues resulting from the ownership of stadium properties.  The bonds may be additionally secured by a mortgage or deed of trust on property of the authority.
(b)  The bonds must be authorized by resolution adopted by a majority vote of a quorum of the board of directors.  The bonds shall be signed by the president or vice president and countersigned by the secretary, or either or both of their facsimile signatures may be printed on the bonds.  The seal of the authority shall be impressed or printed on the bonds.
(c)  The bonds shall mature serially or otherwise in not to exceed 40 years.  Appropriate provisions may be inserted in the resolution authorizing the execution and delivery of bonds for the conversion of registered bonds into bearer bonds and vice versa.
(d)  Provisions may be made in the bond resolution or trust indenture for the substitution of new bonds for those lost or mutilated.  When bonds are approved by the attorney general and registered by the comptroller, it is not necessary to obtain the approval of the attorney general or registration by the comptroller as to converted or substituted bonds.
(e)  Bonds constituting a junior lien on the revenue or properties may be issued unless prohibited by the bond resolution or trust indenture.  Parity bonds may be issued under conditions specified in the bond resolution or trust indenture.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter F. Athletic Stadium Authorities › Section 45.156. Contracts With School Districts

Sec. 45.156.  CONTRACTS WITH SCHOOL DISTRICTS.  (a)  Any district, acting by and through its board of trustees, may contract with any athletic stadium authority organized under this subchapter for the use of any stadium owned by the authority.  The contract may be for any period not exceeding 75 years and may contain terms agreed on by the parties.
(b)  The district may enter into a contract for the use of the stadium for any purpose related to sports activities and other physical education programs for the students at the public schools operated and maintained by the district.
(c)  The consideration payable by the district under a contract may be paid from any source available to the district.  If voted, the district may pledge to the payment of the contract an annual maintenance tax in an amount sufficient, without limitation, to provide all or part of the consideration.  If voted and pledged, the maintenance tax shall be assessed, levied, and collected annually in the same manner as provided by general law applicable to independent school districts for other maintenance taxes.  A maintenance tax may not be pledged to the payment of any contract or assessed, levied, or collected unless an election is held in the district, and the maintenance tax for that purpose is favorably voted by a majority of the qualified voters of the district.  The election order for an election under this subsection must include the polling place or places and any other matters considered advisable by the board of trustees.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter F. Athletic Stadium Authorities › Section 45.157. Examination of Bonds by Attorney General

Sec. 45.157.  EXAMINATION OF BONDS BY ATTORNEY GENERAL.  Bonds issued under this subchapter and the record relating to their issuance shall be submitted to the attorney general.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter F. Athletic Stadium Authorities › Section 45.158. Charges for Use of Stadium

Sec. 45.158.  CHARGES FOR USE OF STADIUM.  (a)  The board of directors shall charge sufficient rates for services rendered by the stadium and shall use other sources of its revenues so that revenues will be produced sufficient to:
(1)  pay all expenses in connection with the ownership, operation, and upkeep of the stadium;
(2)  pay the interest on the bonds as it becomes due;
(3)  create a sinking fund to pay the bonds as they become due;  and
(4)  create and maintain a bond reserve fund and other funds as provided in the bond resolution or trust indenture.
(b)  The bond resolution or trust indenture may prescribe systems, methods, routines, and procedures under which the stadium shall be operated.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter F. Athletic Stadium Authorities › Section 45.159. Depository

Sec. 45.159.  DEPOSITORY.  An authority may select a depository according to the procedures provided by law for the selection of independent school district depositories.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter F. Athletic Stadium Authorities › Section 45.160. Tax Exemption

Sec. 45.160.  TAX EXEMPTION.  Recognizing the fact that the property owned by an authority will be held for public purposes only and will be devoted exclusively to the use and benefit of the public, it is exempt from taxation of every character.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter F. Athletic Stadium Authorities › Section 45.161. Eminent Domain

Sec. 45.161.  EMINENT DOMAIN.  For the purpose of carrying out any power conferred by this subchapter, an authority may acquire the fee simple title to land and other property and easements by condemnation in the manner provided by Chapter 21, Property Code.  An authority is a municipal corporation within the meaning of Section 21.021(c), Property Code.  The amount of and character or interest in land, other property, and easements to be acquired shall be determined by the board of directors.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter F. Athletic Stadium Authorities › Section 45.162. Investment of Bond Proceeds

Sec. 45.162.  INVESTMENT OF BOND PROCEEDS.  In addition to other powers, an authority may invest the proceeds of its bonds, until that money is needed, in the direct obligations of or obligations unconditionally guaranteed by the United States, to the extent authorized in the bond resolution or trust indenture or in both.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter F. Athletic Stadium Authorities › Section 45.163. Acceptance of Gifts

Sec. 45.163.  ACCEPTANCE OF GIFTS.  The board of directors may accept donations, gifts, and endowments to be held and administered as may be required by the respective donors, to the extent that those requirements do not contravene law.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter G. School District Depositories › Section 45.201. Definitions

Sec. 45.201.  DEFINITIONS.  In this subchapter:
(1)  "School district" means any independent school district.
(2)  "Bank" means a bank, a savings and loan association, or a savings bank organized under the laws of this state, another state, or federal law that has its main office or a branch office in this state.  The term does not include any bank the deposits of which are not insured by the Federal Deposit Insurance Corporation.
(3)  "Time deposit," "time certificate," "certificate of deposit," and "time deposit-open account" have the definitions adopted for those terms by the Board of Governors of the Federal Reserve System.
(4)  "Approved securities" means:
(A)  bonds of this state or any agency or political subdivision of this state;
(B)  all evidences of indebtedness legally issued by the board of trustees of the depositing school district;
(C)  all debt securities that are a direct obligation of the treasury of the United States;
(D)  reducing principal balance securities, the principal and interest of which are unconditionally guaranteed or insured by, or backed by the full faith and credit of, this state or the United States or their respective agencies and instrumentalities;
(E)  other obligations, the principal and interest of which are unconditionally guaranteed or insured by, or backed by the full faith and credit of, this state or the United States or their respective agencies and instrumentalities; and
(F)  those securities provided for by Article 842, Revised Statutes, and Section 1, Chapter 160, General Laws, Acts of the 43rd Legislature, 1933 (Article 842a, Vernon's Texas Civil Statutes).
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.  Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.49, eff. Sept. 1, 1999;  Acts 1999, 76th Leg., ch. 344, Sec. 5.002, eff. Sept. 1, 1999;  Acts 2003, 78th Leg., ch. 201, Sec. 39, eff. Sept. 1, 2003.
Amended by:
Acts 2005, 79th Leg., Ch. 417 (S.B. 1693), Sec. 1, eff. June 17, 2005.
Acts 2005, 79th Leg., Ch. 417 (S.B. 1693), Sec. 2, eff. June 17, 2005.
Acts 2005, 79th Leg., Ch. 1199 (H.B. 573), Sec. 1, eff. June 18, 2005.
Acts 2005, 79th Leg., Ch. 1199 (H.B. 573), Sec. 2, eff. June 18, 2005.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter G. School District Depositories › Section 45.202. Selection of Depository

Sec. 45.202.  SELECTION OF DEPOSITORY.  The school depository or depositories of every independent school district may be selected only as provided by this subchapter.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter G. School District Depositories › Section 45.203. Depository Must Be a Bank

Sec. 45.203.  DEPOSITORY MUST BE A BANK.  A school depository must be a bank located in this state.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter G. School District Depositories › Section 45.204. Conflict of Interest

Sec. 45.204.  CONFLICT OF INTEREST.  (a)  If a member of the board of trustees of a school district is a stockholder, officer, director, or employee of a bank, the bank is not disqualified from bidding, submitting a proposal, or becoming the depository of the district if the bank is selected by a majority vote of the board of trustees of the district or a majority vote of a quorum when only a quorum is present.
(b)  If a member of the board of trustees of a school district is a stockholder, officer, director, or employee of a bank that has bid or submitted a proposal to become a depository for the district, the member may not vote on awarding a depository contract to the bank, and the contract must be awarded by a majority vote of the trustees as provided by Subsection (a) who are not either a stockholder, officer, director, or employee of a bank receiving a district depository contract.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 322 (H.B. 2411), Sec. 1, eff. June 15, 2007.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter G. School District Depositories › Section 45.205. Term of Contract

Sec. 45.205.  TERM OF CONTRACT.  (a)  Except as provided by Subsection (b), the depository bank when selected shall serve for a term of two years and until its successor is selected and has qualified.
(b)  A school district and the district's depository bank may agree to extend a depository contract for three additional two-year terms.  The contract may be modified for each two-year extension if both parties mutually agree to the terms. An extension under this subsection is not subject to the requirements of Section 45.206.
(c)  The contract term and any extension must coincide with the school district's fiscal year.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.  Amended by Acts 1997, 75th Leg., ch. 1308, Sec. 1, eff. June 20, 1997.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 322 (H.B. 2411), Sec. 2, eff. June 15, 2007.
Acts 2017, 85th Leg., R.S., Ch. 1117 (S.B. 754), Sec. 1, eff. September 1, 2017.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter G. School District Depositories › Section 45.206. Bid or Request for Proposal Notices; Bid and Proposal Forms

Sec. 45.206.  BID OR REQUEST FOR PROPOSAL NOTICES;  BID AND PROPOSAL FORMS.  (a)  Not later than the 60th day before the date a school district's current depository contract expires, the district shall choose whether to select a depository through competitive bidding or through requests for proposals.
(a-1)  If a school district chooses under Subsection (a) to use competitive bidding, the district shall, not later than the 30th day before the date the current depository contract expires, mail to each bank located in the district and, if desired, to other banks, a notice stating the time and place in which bid applications will be received for selecting a depository or depositories.  The notice must include a uniform bid blank in the form prescribed by State Board of Education rule.
(a-2)  If a school district chooses under Subsection (a) to use requests for proposals, the district shall, not later than the 30th day before the date the current depository contract expires, mail to each bank located in the district and, if desired, to other banks, a notice stating the time and place in which proposals will be received for selecting a depository or depositories.  The notice must include a uniform proposal blank in the form prescribed by State Board of Education rule.
(b)  The school district may add to the uniform bid or proposal blank other terms that do not unfairly restrict competition between banks in or near the territory of the district.
(c)  Interest rates may be stated in the bid or proposal either as a fixed rate, as a percentage of a stated base rate, in relation to a stated prevailing rate varying from time to time, or in any other manner, but in every case in a uniform manner, that will permit comparison with other bids or proposals received.
(d)  If the school district chooses under Subsection (a) to use requests for proposals, the district shall state the selection criteria, including the factors specified under Section 45.207(c), in the request for proposals and shall select the proposal that offers the best value to the district based on the evaluation and ranking of each submitted proposal in relation to the stated selection criteria.  A district may negotiate with the bank that submits the highest-ranked proposal to determine any terms of the proposed depository contract other than the interest rates proposed.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 322 (H.B. 2411), Sec. 3, eff. June 15, 2007.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter G. School District Depositories › Section 45.207. Award of Contract

Sec. 45.207.  AWARD OF CONTRACT.  (a)  A school district shall award the depository contract to the bank that submits the highest bid or the highest-ranked proposal, as determined under Subsection (c), except that the district may award the contract as provided by Subsection (a-1) if:
(1)  the district:
(A)  receives tying bids for the contract; or
(B)  after evaluating the proposals for the contract, ranks two or more proposals equally;
(2)  each bank submitting a tying bid or proposal has bid or proposed to pay the district the maximum interest rates allowed by law by the Board of Governors of the Federal Reserve System and the Board of Directors of the Federal Deposit Insurance Corporation; and
(3)  the tying bids or proposals are otherwise equal in the judgment and discretion of the board of trustees of the district.
(a-1)  In the case of tying bids or proposals, the board of trustees may award the depository contract by:
(1)   determining by lot which of the banks submitting the tying bids or proposals will receive the contract;  or
(2)  awarding a contract to each of the banks submitting the tying bids or proposals.
(b)  The board of trustees may, during the period of the contract, determine the amount of funds to be deposited in each depository bank and determine the account services offered in the bid or proposal form that are to be provided by each bank in its capacity as school district depository.  All funds received by the district from or through the agency shall be deposited, at the district's option, in one depository bank or invested in a public funds investment pool created under Chapter 791, Government Code, to be designated by the district.
(c)  The board of trustees of the school district shall at a regular or special meeting consider in accordance with this subsection each bid or proposal received.  In determining the highest and best bid or the highest-ranked proposal, or in case of tying bids or proposals the highest and best tying bids or proposals, the board of trustees shall consider:
(1)  the interest rate bid or proposed on time deposits;
(2)  charges for keeping district accounts, records, and reports and furnishing checks;
(3)  the ability of the bank submitting the bid or proposal to provide the necessary services and perform the duties as school district depository; and
(4)  any other matter that in the judgment of the board of trustees would be to the best interest of the school district.
(d)  The board of trustees of the school district has the right to reject any and all bids or proposals.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 322 (H.B. 2411), Sec. 3, eff. June 15, 2007.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter G. School District Depositories › Section 45.209. Investment of District Funds

Sec. 45.209.  INVESTMENT OF DISTRICT FUNDS.  The school district may provide in its bid or proposal blank for the right to place on time deposits with savings and loan institutions located in this state only funds that are fully insured by the Federal Deposit Insurance Corporation.  A district may not place on deposit with any savings and loan institution any bond or certificate of indebtedness proceeds as provided by Section 45.102.  A depository bank may not be compelled without its consent to accept on time deposit any bond proceeds under Section 45.102, but a depository bank may offer a bid or proposal of interest equaling the highest bid or proposal of interest for the time deposit of the bond proceeds tendered by another bank.  If the depository bank equals the bid or proposal, it is entitled to receive the bond proceeds on time deposit.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 322 (H.B. 2411), Sec. 5, eff. June 15, 2007.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter H. Assessment and Collection of Taxes › Section 45.231. Employment of Assessor and Collector

Sec. 45.231.  EMPLOYMENT OF ASSESSOR AND COLLECTOR.  (a)  The board of trustees of an independent school district may employ a person to assess or collect the school district's taxes and may compensate the person as the board of trustees considers appropriate.
(b)  This section does not prohibit an independent school district from providing for the assessment or collection of the school district's taxes under a method authorized by Subchapter B, Chapter 6, Tax Code.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter H. Assessment and Collection of Taxes › Section 45.232. Alternate Methods of Selection Under Former Law

Sec. 45.232.  ALTERNATE METHODS OF SELECTION UNDER FORMER LAW.  An independent school district that used a method of selecting the assessor or collector of the school district's taxes for the 1994 tax year that was authorized by former Subchapter F, Chapter 23, as that subchapter existed on January 1, 1994, but that is not authorized by Section 45.231 or by Subchapter B, Chapter 6, Tax Code, may continue to use that method of selection until the school district uses another method authorized by Section 45.231 or by Subchapter B, Chapter 6, Tax Code, to determine how the assessment or collection is performed.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter I. Intercept Program to Provide Credit Enhancement for Bonds › Section 45.251. Definitions

Sec. 45.251.  DEFINITIONS.  In this subchapter:
(1)  "Board" means the State Board of Education.
(2)  "Foundation School Program" means the program established under Chapters 46, 48, and 49, or any successor program of state appropriated funding for school districts in this state.
(3)  "Paying agent" means the financial institution that is designated by a school district as the district's agent for the payment of the principal of and interest on bonds for which credit enhancement is provided under this subchapter.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 943 (H.B. 3), Sec. 3.054, eff. September 1, 2019.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter I. Intercept Program to Provide Credit Enhancement for Bonds › Section 45.252. Intercept Credit Enhancement Program

Sec. 45.252.  INTERCEPT CREDIT ENHANCEMENT PROGRAM.  (a)  If a school district's application for guarantee of district bonds by the corpus and income of the permanent school fund as provided by Subchapter C is rejected, the district may apply under this subchapter for credit enhancement of bonds described by Section 45.054 by money appropriated for the Foundation School Program, other than money that is appropriated to school districts specifically:
(1)  as required under the Texas Constitution; or
(2)  for assistance in paying debt service.
(b)  The same school district bonds may not benefit under both Subchapter C and this subchapter.
(c)  Notwithstanding any amendment of this subchapter or other law, the credit enhancement provided under this subchapter for school district bonds remains in effect until the date those bonds mature or are defeased in accordance with state law.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter I. Intercept Program to Provide Credit Enhancement for Bonds › Section 45.253. Limitation on Intercept Credit Enhancement

Sec. 45.253.  LIMITATION ON INTERCEPT CREDIT ENHANCEMENT.  (a)  In each month of each fiscal year, the commissioner shall determine the amount of funds available to make payments under this subchapter from the Foundation School Program through the end of the fiscal year and the amounts due under this code to public schools from the Foundation School Program through the end of the fiscal year.  The commissioner may revise a determination under this subsection during the fiscal year as appropriate.
(b)  The commissioner may not endorse particular bonds for credit enhancement under this subchapter until the commissioner has:
(1)  made the determinations required under Subsection (a);  and
(2)  determined that the endorsement will not cause the projected debt service coming due during the remainder of the fiscal year for bonds provided credit enhancement under this subchapter to exceed the lesser of:
(A)  one-half of the amount of funds due to public schools from the Foundation School Program for the remainder of the fiscal year; or
(B)  one-half of the amount of funds anticipated to be on hand in the Foundation School Program to make payments for the remainder of the fiscal year.
(c)  The commissioner may not endorse particular bonds for credit enhancement under this subchapter unless the commissioner has determined that the maximum annual debt service on the bonds during any state fiscal year will not exceed the lesser of:
(1)  one-half of the amount of funds due to public schools from the Foundation School Program for the current fiscal year; or
(2)  one-half of the amount of funds anticipated to be on hand in the Foundation School Program to make payments for the current fiscal year.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter I. Intercept Program to Provide Credit Enhancement for Bonds › Section 45.254. Eligibility

Sec. 45.254.  ELIGIBILITY.  To be eligible for approval by the commissioner for credit enhancement under this subchapter:
(1)  bonds must be issued in the manner provided by Section 45.054; and
(2)  payments of all of the principal of the bonds must be scheduled during the first six months of the state fiscal year.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter I. Intercept Program to Provide Credit Enhancement for Bonds › Section 45.2541. Intercept of Foundation School Program Appropriations as Credit Enhancement

Sec. 45.2541.  INTERCEPT OF FOUNDATION SCHOOL PROGRAM APPROPRIATIONS AS CREDIT ENHANCEMENT.  (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.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter I. Intercept Program to Provide Credit Enhancement for Bonds › Section 45.255. Application for Credit Enhancement

Sec. 45.255.  APPLICATION FOR CREDIT ENHANCEMENT.  (a)  A school district seeking credit enhancement of eligible bonds under this subchapter shall apply to the commissioner using a form adopted by the commissioner for the purpose.  The commissioner may adopt a single form on which a district seeking guarantee or credit enhancement of eligible bonds may apply simultaneously first for a guarantee under Subchapter C and then, if that guarantee is rejected, for credit enhancement under this subchapter.
(b)  An application under Subsection (a) must:
(1)  include the information required by Section 45.055(b); and
(2)  be accompanied by a fee set by board rule in an amount designed to cover the costs of administering the programs to provide the guarantee or credit enhancement of eligible bonds.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter I. Intercept Program to Provide Credit Enhancement for Bonds › Section 45.256. Investigation

Sec. 45.256.  INVESTIGATION.  (a)  Following receipt of an application under Section 45.255, the commissioner shall conduct an investigation of the applicant school district as provided for an investigation under Section 45.056(a).
(b)  If following the investigation under Subsection (a) the commissioner is satisfied that the school district's bonds should be guaranteed under Subchapter C or provided credit enhancement under this subchapter, as applicable, the commissioner shall endorse the bonds.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter I. Intercept Program to Provide Credit Enhancement for Bonds › Section 45.257. Credit Enhancement Endorsement

Sec. 45.257.  CREDIT ENHANCEMENT ENDORSEMENT.  (a)  The commissioner shall endorse bonds approved for credit enhancement under this subchapter in substantially the same manner provided under Section 45.057 for endorsing bonds approved under Subchapter C.
(b)  The credit enhancement is not effective unless the attorney general approves the bonds under Section 45.005.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter I. Intercept Program to Provide Credit Enhancement for Bonds › Section 45.258. Notice of Failure or Inability to Pay

Sec. 45.258.  NOTICE OF FAILURE OR INABILITY TO PAY.  Immediately following a determination that a school district will be or is unable to pay maturing or matured principal or interest on a bond for which credit enhancement is provided under this subchapter, but not later than the 10th day before maturity date, the school district shall notify the commissioner.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter I. Intercept Program to Provide Credit Enhancement for Bonds › Section 45.259. Payment From Intercepted Funds

Sec. 45.259.  PAYMENT FROM INTERCEPTED FUNDS.  (a)  Immediately following receipt of notice under Section 45.258, the commissioner shall instruct the comptroller to transfer to the district's paying agent from appropriations to the Foundation School Program that may be used for the purpose under Section 45.252 and other law the amount necessary to pay the maturing or matured principal or interest.
(b)  Immediately following receipt of the funds for payment of the principal or interest, the paying agent shall pay the amount due.
(c)  The procedures prescribed by Subsections (a) and (b) apply to each payment of principal or interest on bonds as the payment becomes due until the bonds mature or are defeased in accordance with state law.
(d)  If money appropriated for the Foundation School Program is used for purposes of this subchapter and as a result there is insufficient money to fully fund the Foundation School Program, the commissioner shall, to the extent necessary, reduce each school district's foundation school fund allocations, other than any portion appropriated from the available school fund, in the same manner provided by Section 48.266(f) for a case in which school district entitlements exceed the amount appropriated.  The following fiscal year, a district's entitlement under Section 48.266 is increased by an amount equal to the reduction under this subsection.
(e)  A payment made under this section by the state on behalf of a school district of funds the district owes on bonds for which credit enhancement is provided under this subchapter creates a repayment obligation of the district to the state regardless of the maturity date of, or any payment of interest on, the bonds.
(f)  This section does not create a debt of the state under the Texas Constitution or, except to the extent provided by this subchapter, create a payment obligation.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 943 (H.B. 3), Sec. 3.055, eff. September 1, 2019.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter I. Intercept Program to Provide Credit Enhancement for Bonds › Section 45.260. Bonds Not Accelerated on Failure to Pay

Sec. 45.260.  BONDS NOT ACCELERATED ON FAILURE TO PAY.  If a school district fails to pay principal or interest on a bond for which credit enhancement is provided under this subchapter when the amount matures, other amounts not yet mature are not accelerated and do not become due by virtue of the district's failure to pay amounts matured.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter I. Intercept Program to Provide Credit Enhancement for Bonds › Section 45.261. Reimbursement of Foundation School Program

Sec. 45.261.  REIMBURSEMENT OF FOUNDATION SCHOOL PROGRAM.  (a)  If the commissioner orders payment from the money appropriated to the Foundation School Program on behalf of a school district that is not required to reduce its local revenue level under Section 48.257, the commissioner shall direct the comptroller to withhold the amount paid from the first state money payable to the district.  If the commissioner orders payment from the money appropriated to the Foundation School Program on behalf of a school district that is required to reduce its local revenue level under Section 48.257, the commissioner shall increase amounts due from the district under Chapter 49 in a total amount equal to the amount of payments made on behalf of the district under this subchapter.  Amounts withheld or received under this subsection shall be used for the Foundation School Program.
(b)  In accordance with commissioner rules, the commissioner may authorize reimbursement of the Foundation School Program 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 remaining principal of and interest on the 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 Chapter 39A, 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.
(e)  Any part of a school district's tax rate attributable to producing revenue for purposes of Subsection (c)(1) is considered part of the district's:
(1)  current debt rate for purposes of computing a voter-approval tax rate under Section 26.08, Tax Code; and
(2)  interest and sinking fund tax rate.
(f)  On reimbursement by a school district as required by this section, the commissioner shall pay to the district any amount withheld under this section.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 91 (S.B. 1303), Sec. 7.013, eff. September 1, 2011.
Acts 2017, 85th Leg., R.S., Ch. 324 (S.B. 1488), Sec. 21.003(30), eff. September 1, 2017.
Acts 2019, 86th Leg., R.S., Ch. 943 (H.B. 3), Sec. 3.056, eff. September 1, 2019.
Acts 2019, 86th Leg., R.S., Ch. 943 (H.B. 3), Sec. 3.057, eff. January 1, 2020.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter I. Intercept Program to Provide Credit Enhancement for Bonds › Section 45.262. Repeated Failure to Pay

Sec. 45.262.  REPEATED FAILURE TO PAY.  (a)  If a total of two or more payments are made under Subchapter C or this subchapter on the bonds of a school district and the commissioner determines that the district is acting in bad faith under the guarantee program under Subchapter C or the credit enhancement program under this subchapter, the commissioner may request the attorney general to institute appropriate legal action to compel the district and the district's officers, agents, and employees to comply with the duties required of them by law in regard to the bonds.
(b)  Jurisdiction of proceedings under this section is in district court in Travis County.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter I. Intercept Program to Provide Credit Enhancement for Bonds › Section 45.263. Rules

Sec. 45.263.  RULES.  (a)  The commissioner shall adopt rules necessary for the administration of the bond credit enhancement program under this subchapter.
(b)  In adopting rules under Subsection (a), the commissioner shall establish an annual deadline by which a school district must pay the debt service on bonds for which credit enhancement is provided under this subchapter.  The deadline established may not be later than the 10th day before the date specified under Section 48.273 for payment to school districts of the final Foundation School Program installment for a state fiscal year.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 943 (H.B. 3), Sec. 3.058, eff. September 1, 2019.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter J. Open-Enrollment Charter School Facilities Credit Enhancement Program › Section 45.301. Definitions

Sec. 45.301.  DEFINITIONS.  In this subchapter:
(1)  "Charter holder" has the meaning assigned by Section 12.1012.
(2)  "Program" means the open-enrollment charter school facilities credit enhancement program established under this subchapter.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter J. Open-Enrollment Charter School Facilities Credit Enhancement Program › Section 45.302. Establishment of Program

Sec. 45.302.  ESTABLISHMENT OF PROGRAM.  (a)  The commissioner by rule may establish an open-enrollment charter school facilities credit enhancement program to assist charter holders in obtaining financing for the purchase, repair, or renovation of real property, including improvements to real property, for facilities of open-enrollment charter schools.
(b)  The commissioner may adopt a structure and procedures for the program that are substantially similar to the structure and procedures for the credit enhancement program for school district bonds under Subchapter I.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter J. Open-Enrollment Charter School Facilities Credit Enhancement Program › Section 45.303. Limitation on Participation; Minimum Requirements for Debt Service Reserve

Sec. 45.303.  LIMITATION ON PARTICIPATION; MINIMUM REQUIREMENTS FOR DEBT SERVICE RESERVE.  In adopting rules under Section 45.302, the commissioner may:
(1)  limit participation in the program to charter holders who hold charters for open-enrollment charter schools that meet standards established by the commissioner, including standards for financial stability, compliance with applicable state and federal program requirements, and student academic performance; and
(2)  impose minimum requirements for a debt service reserve to secure repayment of obligations for which credit enhancement is provided under this subchapter.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 45 - School District Funds › Subchapter J. Open-Enrollment Charter School Facilities Credit Enhancement Program › Section 45.304. Allocation of Portion of Foundation School Program Funds for Credit Enhancement

Sec. 45.304.  ALLOCATION OF PORTION OF FOUNDATION SCHOOL PROGRAM FUNDS FOR CREDIT ENHANCEMENT.  (a)  The commissioner may allocate not more than one percent of the amount appropriated for the Foundation School Program for purposes of the program under this subchapter.
(b)  The funds allocated under this section may not be considered available for purposes of any other credit enhancement program.
(c)  Only those Foundation School Program funds allocated under this section may be committed to the program under this subchapter.
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 75, eff. September 1, 2009.