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In order to retain eligibility for EDA funding, a district shall submit an EDA correction form packet in accordance with subsection (b)(3) of this section to the TEA division responsible for state funding no later than 180 days after the date the refunding bonds were approved for sale by the office of the attorney general (or, in the case of a conversion, such information shall be submitted within 180 days after the date of the conversion). Failure to submit the information required by this paragraph within 180 days after the date the refunding bonds were approved for sale by the attorney general (or, in the case of a conversion, within 180 days after the date of the conversion) will disqualify otherwise eligible bonds for EDA funding as described in subsection (b)(4) of this section. Such bonds will remain ineligible until such information is provided to the TEA division responsible for state funding. The commissioner may require that EDA funding paid to a district for such ineligible debt service be refunded by the district. (3) [(2)] The portion of the debt eligible for state assistance on refinanced [refunded ] bonds is subject to the same limits as eligible debt that has not been refinanced. (4) [(3)] If a refinancing transaction [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. (5) [(4)] If a refinancing transaction [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. (g)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 subsections (b)(3) and (b)(5) of this section. Failure by a district to make such notification will result in the disqualification of debt service from EDA state aid as described in subsections (b)(4) and (b)(5)(C) 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 EDA correction form packet, or possibly face disqualification of debt service from EDA state aid, as described in subsections (b)(4) and (b)(5)(C) of this section. (2)A complete EDA correction form packet includes: (A)a completed EDA correction form; (B)the appropriate schedules needed to identify the original EDA allotment award or the most recently approved revised allotment award and changes to the title of the debt issuance, the authorization to issue the debt, and other relevant terms; (C)the appropriate schedules needed to describe changes in debt service schedules; (D)a copy of the FOS, or, if an FOS is not available, the final bond order or other official document describing the relevant financing activity, including a final debt service requirement schedule, the sources and uses schedule, and the schedule of refinanced bonds; (E)a copy of the letter from the attorney general approving the transaction, if the transaction required approval by the attorney general; and (F)copies of the payment vouchers for the payments made on the debt associated with the allotment, if requested by the TEA. (3)Receipt of the complete EDA correction form packet is required before debt service payments on the relevant debt issuances will be qualified for EDA state aid. (4)Upon evaluation of the complete EDA correction form packet, the TEA may request additional supporting documentation.
This agency hereby certifies that the proposal
has been reviewed by legal counsel and found to be within the agency's
legal authority to adopt.
Filed with the Office
of the Secretary of State on January 23, 2008
TRD-200800314 Cristina De La Fuente-Valadez
Director, Policy Coordination
Texas Education Agency
Earliest possible date of adoption: March 9, 2008
For further information, please call: (512) 475-1497
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