Tex. Educ. Code § 45.0531 · Subchapter C. GUARANTEED BONDS
ADDITIONAL LIMITATION: RESERVATION OF PERCENTAGE OF PERMANENT SCHOOL FUND VALUE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) In addition to the limitation on the approval of bonds for guarantee under Section 45.053, the board by rule may establish a percentage of the cost value of the permanent school fund to be reserved from use in guaranteeing bonds under this subchapter.
(b) If the board has reserved a portion of the permanent school fund under Subsection (a), each year, the state auditor shall analyze the status of the reserved portion compared to the cost value of the permanent school fund. Based on that analysis, the state auditor shall certify whether the portion of the permanent school fund reserved from use in guaranteeing bonds under this subchapter satisfies the reserve percentage established.
(c) If the board has reserved a portion of the permanent school fund under Subsection (a), the board shall at least annually consider whether to change the reserve percentage established to ensure that the reserve percentage allows compliance with federal law and regulations and serves to enable bonds guaranteed under this subchapter to receive the highest available credit rating, as determined by the board.
(d) This section may not be construed in a manner that impairs, limits, or removes the guarantee of bonds that have been approved by the commissioner.
Notes and commentary — not statutory text
History
Added by Acts 2009, 81st Leg., R.S., Ch. 1328 (H.B. 3646), Sec. 69, eff. September 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/ED/htm/ED.45.htm
- Text hash
- sha256 2f0af17475437c814f9c61ee1968d3a0b6940657775d60851fb92ce5d1d0c276
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Cited by 3 provisions
Provisions in this library whose text cites Tex. Educ. Code § 45.0531. Each shows the citation as that text prints it.
Education Code
- Tex. Educ. Code § 45.0532LIMITATION ON GUARANTEE OF CHARTER DISTRICT BONDS.Printed as Sections 45.053(d) and 45.0531
- Tex. Educ. Code § 45.0533COMMUNICATION WITH NATIONALLY RECOGNIZED INVESTMENT RATING FIRM.Printed as Section 45.053, 45.0531, or 45.0532
- Tex. Educ. Code § 45.2541INTERCEPT OF FOUNDATION SCHOOL PROGRAM APPROPRIATIONS AS CREDIT ENHANCEMENT.Printed as Section 45.0531
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