Texas Education Code - Section 45.059. Payment From Permanent School Fund
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§ 45.059. PAYMENT FROM PERMANENT SCHOOL FUND. (a)
Immediately following receipt of notice under Section 45.058, the
commissioner shall instruct the comptroller to transfer from the
appropriate account in the permanent school fund to the district's
paying agent the amount necessary to pay the maturing or matured
principal or interest.
(b) Immediately following receipt of the funds for payment
of the principal or interest, the paying agent shall pay the amount
due and forward the canceled bond or coupon to the comptroller. The
comptroller shall hold the canceled bond or coupon on behalf of the
permanent school fund.
(c) Following full reimbursement to the permanent school
fund with interest, the comptroller shall further cancel the bond
or coupon and forward it to the school district for which payment
was made.
Added by Acts 1995, 74th Leg., ch. 260, § 1, eff. May 30, 1995.
Amended by Acts 1997, 75th Leg., ch. 1423, § 5.07, eff. Sept. 1,
1997.
Section: 45.052 45.053 45.054 45.055 45.056 45.057 45.058 45.059 45.060 45.061 45.062 45.063 45.081 45.082 45.083
Last modified: August 10, 2007
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