Sec. 46.011. SALE OF INSTRUCTIONAL FACILITY FINANCED WITH INSTRUCTIONAL FACILITIES ALLOTMENT. (a) If an instructional facility financed by bonds paid with state and local funds under this subchapter is sold before the bonds are fully paid, the school district shall send to the comptroller an amount equal to the district's net proceeds from the sale multiplied by a percentage determined by dividing the amount of state funds under this subchapter used to pay the principal of and interest on the bonds by the total amount of principal and interest paid on the bonds with funds other than the proceeds of the sale.
(b) In this section, "net proceeds" means the difference between the total amount received from the sale less:
(1) the amount necessary to fully pay the outstanding principal of and interest on the bonds; and
(2) the school district's costs of the sale, as approved by the commissioner.
Added by Acts 1997, 75th Leg., ch. 592, Sec. 1.04, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 396, Sec. 1.28, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle I - School Finance and Fiscal Management
Chapter 46 - Assistance With Instructional Facilities and Payment of Existing Debt
Subchapter A. Instructional Facilities Allotment
Section 46.003. School Facilities Allotment
Section 46.004. Lease-Purchase Agreements
Section 46.005. Limitation on Guaranteed Amount
Section 46.006. Shortage or Excess of Funds Appropriated for New Projects
Section 46.007. Refunding Bonds
Section 46.0081. Security Criteria in Design of Instructional Facilities
Section 46.009. Payment of School Facilities Allotments
Section 46.010. Projects by More Than One District
Section 46.011. Sale of Instructional Facility Financed With Instructional Facilities Allotment
Section 46.012. Applicability to Open-Enrollment Charter Schools