| (2) A district's wealth per student is next reduced
if a district has had substantial student enrollment growth in the
preceding five-year period. For this purpose, the district's wealth
per student is reduced:
(A) by 5.0%, if the district has an enrollment growth
rate in that period that is 10% or more but less than 15%;
(B) by 10%, if the district has an enrollment growth
rate in that period that is 15% or more but less than 30%; or
(C) by 15%, if the district has an enrollment growth
rate in that period that is 30% or more.
(3) If a district has submitted an application with
eligible debt and has not previously received any assistance due to
a lack of appropriated funds, its property wealth for prioritization
shall be reduced by 10% for each biennium in which assistance was
not provided. The reduction is calculated after reductions for outstanding
debt and enrollment are completed, if applicable. This reduction in
property wealth for prioritization purposes is only effective if the
district actually entered the proposed debt without state assistance
before the deadline for a subsequent cycle for which funds are available.
(n) Bond taxes. A school district that receives state
assistance must levy and collect sufficient eligible taxes to meet
its local share of the debt service requirement for which state assistance
is granted. Failure to levy and collect sufficient eligible taxes
shall result in pro rata reduction of state assistance. The requirement
to levy and collect eligible taxes specified in this subsection may
be waived at the discretion of the commissioner for a school district
that must maintain local maintenance tax effort in order to continue
receiving federal impact aid.
(o) Exclusion from taxes. The taxes collected for bonded
debt service for which funding under TEC, Chapter 46, is granted shall
be excluded from the tax collections used to determine the amount
of state aid under TEC, Chapter 48. For a district operating with
a waiver as described in subsection (n) of this section, the amount
of the local share of the allotment shall be subtracted from the total
tax collections used to determine state aid under TEC, Chapter 48.
(p) Calculation of bond tax rate (BTR) for lease-purchase
agreements. The value of BTR in the formula for state assistance for
a lease-purchase agreement shall be calculated based on the lease-purchase
payment requirement, not to exceed the relevant limitations described
in this section. The lease-purchase payment shall be divided by the
guaranteed level (FYL), then by ADA, and then by 100. The value of
BTR shall be subtracted from the value of district tax rate (DTR)
as computed in TEC, §48.202, before limitation imposed by TEC, §48.203.
(q) Continued treatment of taxes and lease-purchase
payments. Taxes associated with bonded debt may not be considered
for state aid under TEC, Chapter 48. Bonded debt service or lease-purchase
payments that were excluded from consideration for state assistance
due to prioritization or due to the limitation on assistance may be
considered for state assistance in subsequent biennia through additional
applications. A modified application may be provided for previously
rejected debt service or lease-purchase payments.
(r) Variable rate bonds. Variable rate bonds are eligible
for state assistance under the IFA. For purposes of calculating the
biennial limitation on access to the allotment, the payment requirement
for a variable rate bond shall be valued at the minimum amount a district
must budget for payment of interest cost and the scheduled minimum
mandatory redemption amount, if applicable. For purposes of calculating
state assistance under TEC, Chapter 46, the lesser of the actual payment
or the limitation on the allotment shall be used. A district may exercise
its ability to make payments in amounts in excess of the minimum,
but the excess amount shall not be used in determining the value of
BTR or in the calculation of state assistance under TEC, Chapter 46,
in that year.
(s) Fixed-rate bonds. Computation for fixed-rate bonds
shall be based on published debt service schedules as contained in
the FOS or, for a private placement, in a supplemental filing with
the TEA. Prepayment of a bond, either through an early call provision
or some other mechanism, shall not increase the state's obligation
or the computed state aid pursuant to the IFA. To the extent that
prepayments reduce future debt service requirements, the computation
of state aid shall also be appropriately adjusted.
(t) Reports required. The commissioner shall require
such information and reports as are necessary to assure compliance
with applicable laws.
(1) The commissioner shall require immediate notification
by a district of relevant financing activities as described in subsection
(d)(7) of this section. Failure by a district to make such notification
will result in the disqualification of debt service from IFA state
aid as described in subsection (d)(8) of this section. A district
is also required to report changes in use of bond proceeds or other
actions taken by the district that might affect state funding requirements
by submitting a complete amended application packet. Failure to submit
the amended application packet will result in the suspension of IFA
state aid payments for the applicable IFA allotment award, as described
in subsection (d)(8) of this section.
(2) A complete amended application packet, as prescribed
by the commissioner, includes:
(A) the appropriate schedules needed to identify the
original IFA allotment award or the most recently approved revised
allotment award, including the assigned document control number and
changes to the title of the debt issuance, the authorization to issue
the debt, and other relevant terms;
(B) the appropriate schedules needed to describe changes
in the use of the bond proceeds, if applicable;
(C) the appropriate schedules needed to describe changes
in debt service schedules to demonstrate present value savings;
(D) an electronic copy of the FOS that is filed with
the state information depository, or, if an FOS is not available,
an electronic copy of the final bond order or other official document
describing the relevant financing activity that is filed with the
state information depository, including a final debt service schedule;
and
(E) an electronic copy of the letter from the attorney
general approving the transaction that is filed with the state information
depository, if the transaction required approval by the attorney general.
(3) Receipt of the complete amended application packet
is required before debt service payments on the relevant debt issuances
will be qualified for IFA state aid.
(4) Upon evaluation of the complete amended application
packet, the TEA may request additional supporting documentation.
|
| Source Note: The provisions of this §61.1032 adopted to be effective October 13, 1997, 22 TexReg 9887; amended to be effective December 27, 1998, 23 TexReg 12916; amended to be effective January 8, 2001, 26 TexReg 194; amended to be effective May 16, 2002, 27 TexReg 4013; amended to be effective May 4, 2008, 33 TexReg 3414; amended to be effective June 28, 2018, 43 TexReg 4187; amended to be effective June 21, 2022, 47 TexReg 3533 |
