Tex. Educ. Code § 46.011 · Subchapter A. INSTRUCTIONAL FACILITIES ALLOTMENT
SALE OF INSTRUCTIONAL FACILITY FINANCED WITH INSTRUCTIONAL FACILITIES ALLOTMENT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) If an instructional facility financed by bonds paid with state and local funds under this subchapter is sold before the bonds are fully paid, the school district shall send to the comptroller an amount equal to the district's net proceeds from the sale multiplied by a percentage determined by dividing the amount of state funds under this subchapter used to pay the principal of and interest on the bonds by the total amount of principal and interest paid on the bonds with funds other than the proceeds of the sale.
(b) In this section, "net proceeds" means the difference between the total amount received from the sale less:
(1) the amount necessary to fully pay the outstanding principal of and interest on the bonds; and
(2) the school district's costs of the sale, as approved by the commissioner.
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. 1.28, 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 5967e03b5e0a1ca23ba2713dfd85be5f62d9fee07f2c2cf975045d8770c01138
- 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
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.