(a)(No change.)
(b)Definitions. The following definitions apply to
the open-enrollment charter school facilities credit enhancement program.
(1)(No change.)
(2)Annual debt service--Payments of principal and
interest on outstanding bonded debt scheduled to occur between September
1 and August 31 during a fiscal year as reported by the Municipal
Advisory Council (MAC) of Texas or its successor, if the open-enrollment
charter holder is responsible for outstanding bonded indebtedness.
(A) - (B)(No change.)
(C)Annual debt service includes required payments
into a sinking fund as authorized under the laws of Texas and
the United States of America [26 United States Code (USC)
§54A(d)(4)(C)], provided that the sinking fund is maintained
by a trustee or other entity approved by the commissioner that is
not under the control or common control of the charter holder.
(3)(No change.)
(4)Average daily attendance (ADA)--Total refined average
daily attendance as defined by the TEC, §48.005 [§42.005
].
(5) - (9)(No change.)
(10)Foundation School Program (FSP)--The program established
under the TEC, Chapters [41, 42, and] 46, 48, and
49, or any successor program of state appropriated funding for
school districts in the state of Texas.
(11) - (12)(No change.)
(13)Open-enrollment charter--This term has the meaning
assigned in §100.1001 [§100.1011]
of this title (relating to Definitions).
(14)(No change.)
(15)Open-enrollment charter school--This term has
the meaning assigned to the term "charter school" in §100.1001 [
§100.1011] of this title.
(16)(No change.)
(17)Open-enrollment charter school campus--This term
has the meaning assigned to the term "charter school campus" in §100.1001
[§100.1011] of this title.
(18)Proposed annual debt service--Payments of principal
and interest on the outstanding bonded debt for which the enhancement
is sought scheduled to occur between September 1 and August 31 during
the fiscal year in which the credit enhancement is sought and each
fiscal year for which the credit enhancement is or would be in effect
as described in the amortization schedule for the bonded debt for
which the enhancement is sought. Proposed annual debt service includes
required payments into a sinking fund as authorized under the
laws of Texas and the United States of America [26 USC
§54A(d)(4)(C)], provided that the sinking fund is maintained
by a trustee or other entity approved by the commissioner that is
not under the control or common control of the charter holder.
(19) - (20)(No change.)
(c)Eligibility to apply for the credit enhancement.
(1)To have its application for the credit enhancement
considered, an open-enrollment charter holder must:
(A) - (B)(No change.)
(C)in its application, agree that the bonded indebtedness
for which the credit enhancement is sought will be undertaken as an
obligation of all tax-exempt entities under common control of the
open-enrollment charter holder and agree that all such entities will
be liable for the obligation if the open-enrollment charter holder
defaults on the bonded indebtedness, provided that an entity
that does not operate a charter school in Texas is subject to this
subparagraph only to the extent that it has received state funds from
the open-enrollment charter holder;
(D) - (E)(No change.)
(2)(No change.)
(d) - (l)(No change.)
The agency certifies that legal counsel has reviewed
the proposal and found it to be within the state agency's legal authority
to adopt.
Filed with the Office
of the Secretary of State on July 27, 2020
TRD-202003040 Cristina De La Fuente-Valadez
Director,
Rulemaking
Texas Education Agency
Earliest possible date of adoption: September 6, 2020
For further information, please call: (512) 475-1497
|
