Sec. 45.061. REIMBURSEMENT OF FUNDS. (a) If the commissioner orders payment from the permanent school fund or the charter district bond guarantee reserve fund on behalf of a school district or charter district, the commissioner shall direct the comptroller to withhold the amount paid, plus interest, from the first state money payable to the school district or charter district. Except as provided by Subsection (a-1), the amount withheld shall be deposited to the credit of the permanent school fund.
(a-1) After the permanent school fund has been reimbursed for all money paid from the fund as the result of a default of a charter district bond guaranteed under this subchapter, any remaining amounts withheld under Subsection (a) shall be deposited to the credit of the charter district bond guarantee reserve fund.
(b) In accordance with the rules of the board, the commissioner may authorize reimbursement to the permanent school fund or charter district bond guarantee reserve fund with interest 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 principal of and interest on district 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 Subchapter G, Chapter 39, 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.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 72, eff. September 1, 2009.
Acts 2011, 82nd Leg., 1st C.S., Ch. 4 (S.B. 1), Sec. 59.16, eff. September 28, 2011.
Acts 2011, 82nd Leg., 1st C.S., Ch. 4 (S.B. 1), Sec. 59.17, eff. September 28, 2011.
Structure Texas Statutes
Subtitle I - School Finance and Fiscal Management
Chapter 45 - School District Funds
Subchapter C. Guaranteed Bonds
Section 45.053. Limitation; Value Estimates
Section 45.0531. Additional Limitation: Reservation of Percentage of Permanent School Fund Value
Section 45.0532. Limitation on Guarantee of Charter District Bonds
Section 45.0533. Communication With Nationally Recognized Investment Rating Firm
Section 45.054. Eligibility of School District Bonds
Section 45.0541. Eligibility of Charter District Bonds
Section 45.055. Application for Guarantee
Section 45.057. Guarantee Endorsement
Section 45.0571. Charter District Bond Guarantee Reserve Fund
Section 45.058. Notice of Default
Section 45.059. Payment of School District Bond on Default
Section 45.0591. Payment of Charter District Bond on Default
Section 45.060. Bonds Not Accelerated on Default
Section 45.061. Reimbursement of Funds