Texas Education Code - Section 43.009. Prepayment Of Certain Bonds Held By The Permanent School Fund
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§ 43.009. PREPAYMENT OF CERTAIN BONDS HELD BY THE
PERMANENT SCHOOL FUND. (a) The State Board of Education may
authorize the governing body of any political subdivision in this
state to pay off and discharge, at any interest paying date whether
the bonds are matured or not, all or any part of any outstanding
bond indebtedness owned by the permanent school fund.
(b) The governing body of a political subdivision desiring
to pay off and discharge any bonded indebtedness owned by the fund
shall apply in writing to the State Board of Education, not later
than the 30th day before any interest paying date on the bonds,
describing the bonds or part of the bonds it desires to pay off and
discharge. The application must be accompanied by an affidavit
stating that only tax money collected from a tax levy made for the
specific purpose of providing a sinking fund and paying interest on
the particular bonds to be redeemed will be spent in redeeming,
taking up, or paying off the bonds.
(c) The State Board of Education, on receiving the
application and affidavit, shall take action on them in the manner
it considers best and shall notify the applicant whether the
application is refused or granted in whole or in part.
(d) A person who has a duty under this section may not give
or receive any commission, premium, or compensation for the
performance of that duty.
(e) Only tax money collected from tax levies made for the
specific purpose of providing a sinking fund and paying interest on
the particular bonds to be redeemed may be spent in redeeming,
taking up, or paying off of bonds as provided by this section,
unless the bonds are being redeemed for the purpose of being
refunded.
Added by Acts 1995, 74th Leg., ch. 260, § 1, eff. May 30, 1995.
Section: 43.0032 43.0033 43.0034 43.004 43.005 43.006 43.007 43.009 43.010 43.011 43.012 43.013 43.014 43.015 43.016
Last modified: August 10, 2007
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