| (e) Funds and assets following termination of operations.
After extinguishing all payable obligations owed by the charter school
that ceases to operate, and after disposing of all real and personal
property owned by the charter school that ceases to operate, the former
charter holder shall:
(1) remit to TEA any remaining funds as described by
TEC, §12.106(h), and any state reimbursement amounts as described
by TEC, §12.128, to be deposited in the charter school liquidation
fund;
(2) transfer all or a portion of the remaining funds
to another charter school that has all or part of the operations of
the former charter school assigned to it under TEC, §12.116(d)(2),
if ordered by the commissioner, only if the charter school:
(A) has not received notice of possible adverse action
or sanction by the commissioner;
(B) has an academic accountability rating at the district
level of A or B and no campus with a rating of D or F;
(C) has a Charter FIRST rating of Meets Standard Achievement
or above;
(D) has an accreditation rating of Accredited;
(E) does not have any warrant holds by which state
payments issued to payees indebted to the state, or payees with a
tax delinquency, are held by the comptroller until the debt is satisfied
in accordance with Texas Government Code, §403.055; and
(F) agrees to classify the property as state property;
or
(3) take any combination of the actions described by
paragraphs (1) and (2) of this subsection.
(f) Use of legal process. Notwithstanding subsection
(c) of this section, the commissioner may use such legal process as
may be available under Texas law to take possession and assume control
over the public property disclosed by the annual audit reports and,
using such legal process, supervise the disposition of such property
in accordance with law.
(g) Commissioner authority. The commissioner has discretion
to direct disposition of the property in the best interest of Texas
students.
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| Source Note: The provisions of this §100.1067 adopted to be effective November 6, 2001, 26 TexReg 8828; amended to be effective September 18, 2014, 39 TexReg 7295; amended to be effective January 6, 2022, 46 TexReg 9289 |
