Texas Education Code - Section 46.011. Sale Of Instructional Facility Financed With Instructional Facilities Allotment
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§ 46.011. SALE OF INSTRUCTIONAL FACILITY FINANCED WITH
INSTRUCTIONAL FACILITIES ALLOTMENT. (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.
Added by Acts 1997, 75th Leg., ch. 592, § 1.04, eff. Sept. 1,
1997. Amended by Acts 1999, 76th Leg., ch. 396, § 1.28, eff.
Sept. 1, 1999.
Section: 46.005 46.006 46.007 46.008 46.0081 46.009 46.010 46.011 46.012 46.013 46.031 46.032 46.033 46.034 46.035
Last modified: August 10, 2007
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