Texas Education Code - Section 13.004. Allocation Of Indebtedness And Personal Property
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§ 13.004. ALLOCATION OF INDEBTEDNESS AND PERSONAL
PROPERTY. (a) If under this chapter a school district assumes a
portion of the indebtedness of another district, the commissioners
court by order shall equitably allocate the indebtedness among the
districts involved. If territory from one district is annexed to
another or if a district is abolished, the commissioners court
shall also equitably allocate among the receiving districts a
portion of the personal property of the annexed district or all the
personal property of an abolished district. If districts located
in more than one county are involved, the commissioners court of
each county in which an involved school district is located must
agree on the allocation of indebtedness and personal property.
(b) In allocating the indebtedness and personal property,
the commissioners court shall consider the value of the properties
involved and the taxable value of the districts involved.
(c) The order of the commissioners court is binding on the
school districts and territory affected by the order.
(d) A school district required to assume the indebtedness of
another district under this chapter is not required to conduct an
election on assumption of the indebtedness. Without an election,
the school district assuming the indebtedness may levy and collect
taxes necessary to pay principal and interest on the assumed debt so
long as the debt is outstanding.
(e) Without an election, a school district may issue
refunding bonds for bonds of another district assumed under this
chapter.
(f) If an entire district is annexed to or consolidated with
another district, if a district is converted from a common to an
independent school district, or if a school district is separated
from a municipality, the governing board of the district as changed
may, without an election, sell and deliver any unissued bonds voted
in the district before the change and may levy and collect taxes in
the district as changed for the payment of principal and interest on
bonds.
Added by Acts 1995, 74th Leg., ch. 260, § 1, eff. May 30, 1995.
Section: 12.153 12.154 12.155 12.156 13.001 13.002 13.003 13.004 13.005 13.006 13.007 13.008 13.009 13.010 13.051
Last modified: August 10, 2007
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