Tex. Educ. Code § 46.007 · Subchapter A. INSTRUCTIONAL FACILITIES ALLOTMENT
REFUNDING BONDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
A school district may use state funds received under this subchapter to pay the principal of and interest on refunding bonds that:
(1) are issued to refund bonds eligible under Section 46.003;
(2) do not have a final maturity date later than the final maturity date of the bonds being refunded;
(3) may not be called for redemption earlier than the earliest call date of the bonds being refunded; and
(4) result in a present value savings, which is determined by computing the net present value of the difference between each scheduled payment on the original bonds and each scheduled payment on the refunding bonds. The present value savings shall be computed at the true interest cost of the refunding bonds.
Notes and commentary — not statutory text
History
Added by Acts 1997, 75th Leg., ch. 592, Sec. 1.04, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 396, Sec. 1.27, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/ED/htm/ED.46.htm
- Text hash
- sha256 5a2d10a48ae7dc068cbe3fb35bfa2b5fd15f9db2690ca0d0a926f13037b0a723
- 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.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.