Sec. 12.128. PROPERTY PURCHASED OR LEASED WITH STATE FUNDS. (a) Property purchased or leased with funds received by a charter holder under Section 12.106 after September 1, 2001:
(1) is considered to be public property for all purposes under state law;
(2) is property of this state held in trust by the charter holder for the benefit of the students of the open-enrollment charter school; and
(3) may be used only for a purpose for which a school district may use school district property.
(b) If at least 50 percent of the funds used by a charter holder to purchase real property are funds received under Section 12.106 before September 1, 2001, the property is considered to be public property to the extent it was purchased with those funds.
(c) The commissioner shall:
(1) take possession and assume control of the property described by Subsection (a) of an open-enrollment charter school that ceases to operate; and
(2) supervise the disposition of the property in accordance with law.
(d) The commissioner may adopt rules necessary to administer this section.
(e) This section does not affect a security interest in or lien on property established by a creditor in compliance with law if the security interest or lien arose in connection with the sale or lease of the property to the charter holder.
Added by Acts 2001, 77th Leg., ch. 1504, Sec. 18, eff. Sept. 1, 2001.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 1140 (S.B. 2), Sec. 37, eff. September 1, 2013.
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