| (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 |
