Texas Administrative Code

Historical Rule for the Texas Administrative Code

TITLE 19	EDUCATION
PART 2	TEXAS EDUCATION AGENCY
CHAPTER 61	SCHOOL DISTRICTS
SUBCHAPTER CC	COMMISSIONER'S RULES CONCERNING SCHOOL FACILITIES
RULE §61.1035	Assistance with Payment of Existing Debt

(C) Adjustments to state assistance based on changes in the final counts of ADA or changes to a district's property value must be requested no later than three years following the close of the school year for which the adjustment is sought.

(e) Deposit and uses of funds.

(1) Funds received from the state for assistance with existing debt must be deposited in the district's I&S fund and must be taken into account before setting the I&S fund tax rate.

(2) State and local shares of the EDA must be used for the exclusive purpose of making principal and interest payments on eligible debt.

(f) Refinancing of eligible debt.

(1) A district that refinances eligible debt in part or in full must inform the TEA's division responsible for state funding in writing and must provide appropriate documentation related to the refinancing, including payment schedules for the refunded debt that clearly identify the bonds being refunded and the debt service attributable to the refunded bonds, if available. State aid payments for EDA will not be processed until these documents have been received by the TEA division responsible for state funding.

(2) The portion of the debt eligible for state assistance on refunded bonds is subject to the same limits as eligible debt that has not been refinanced.

(3) If a refunding pricing of a district decreases the current year bond payment requirement, the reduced payment amount shall be the basis of determining the limit on funding.

(4) If a refunding pricing of a district increases the bond payment requirement, the amount of increase shall not be used to determine state aid unless the pricing took place prior to January 1 of the last fiscal year of the preceding state fiscal biennium. The total debt service eligible for state assistance will be limited to the district's total debt service prior to January 1 of the last fiscal year of the preceding state fiscal biennium.

Source Note: The provisions of this §61.1035 adopted to be effective December 12, 1999, 24 TexReg 10858; amended to be effective May 16, 2002, 27 TexReg 4017; amended to be effective September 5, 2004, 29 TexReg 8282