Texas Education Code

§ 12.107 — STATUS AND USE OF FUNDS

ED § 12.107Title 2. PUBLIC EDUCATION · Part C. LOCAL ORGANIZATION AND GOVERNANCE · Ch. 12. CHARTERS · Art. D. OPEN-ENROLLMENT CHARTER SCHOOL

Statute text

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(a)Funds received under Section 12.106 after September 1, 2001, by a charter holder:

(1)are considered to be public funds for all purposes under state law;

(2)are held in trust by the charter holder for the benefit of the students of the open-enrollment charter school;

(3)may be used only for a purpose for which a school may use local funds under Section 45.105(c);

(4)pending their use, must be deposited into a bank, as defined by Section 45.201, with which the charter holder has entered into a depository contract; and

(5)may not:

…

Legislative history

Acts 2019, 86th Leg., R.S., Ch. 631 (S.B. 1454), Sec. 4, eff. June 10, 2019.