| (5) A payment made under this subsection by the state
on behalf of a school district of funds the district owes on bonds
for which credit enhancement is provided under this section creates
a repayment obligation of the district to the state regardless of
the maturity date of, or any payment of interest on, the bonds.
(6) This subsection does not create a debt of the state
under the Texas Constitution or, except to the extent provided by
this section, create a payment obligation.
(n) 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 section 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.
(o) Reimbursement of FSP. If payment from the money
appropriated to the FSP is made on behalf of a school district, the
school district must reimburse the amount of the payment in accordance
with the requirements of the TEC, §45.261.
(p) Repeated failure to pay. If a total of two or more
payments are made under the guarantee program authorized under §33.65
of this title or the SDBEP on the bonds of a school district, the
commissioner will take action in accordance with the provisions of
the TEC, §45.262.
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