Texas Education Code
§ 46.003 — SCHOOL FACILITIES ALLOTMENT
ED § 46.003Title 2. PUBLIC EDUCATION · Part I. SCHOOL FINANCE AND FISCAL MANAGEMENT · Ch. 46. ASSISTANCE WITH INSTRUCTIONAL FACILITIES AND PAYMENT OF EXISTING DEBT · Art. A. INSTRUCTIONAL FACILITIES ALLOTMENT
Statute text
View on source(a)For each year, except as provided by Sections 46.005 and 46.006, a school district is guaranteed a specified amount per student in state and local funds for each cent of tax effort, up to the maximum rate under Subsection (b), to pay the principal of and interest on eligible bonds issued to construct, acquire, renovate, or improve an instructional facility. The amount of state support is determined by the formula: FYA = (FYL X ADA X BTR X 100) - (BTR X (DPV/100)) where: "FYA" is the guaranteed facilities yield amount of state funds allocated to the district for the year; "FYL" is the dollar amount guaranteed level of state and local funds per student per cent of tax effort, which is $35 or a greater amount for any year provided by appropriation; "ADA" is the greater of the number of students in average daily attendance, as determined under Section 48.005, in the district or 400; "BTR" is the district's bond tax rate for the current year, which is determined by dividing the amount budgeted by the district for payment of eligible bonds by the quotient of the district's taxable value of property as determined under Subchapter M, Chapter 403, Government Code, or, if applicable, Section 48.258, divided by 100; and "DPV" is the district's taxable value of property as determined under Subchapter M, Chapter 403, Government Code, or, if applicable, Section 48.258.
(b)The bond tax rate under Subsection (a) may not exceed the rate that would be necessary for the current year, using state funds under Subsection (a), to make payments of principal and interest on the bonds for which the tax is pledged.
(c)To enable the district to collect local funds sufficient to pay the district's share of the debt service, a district may levy a bond tax at a rate higher than the maximum rate for which it may receive state assistance.
(d)The amount budgeted by a district for payment of eligible bonds may include:
(1)bond taxes collected in the current school year;
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Legislative history
Acts 2015, 84th Leg., R.S., Ch. 465 (S.B. 1), Sec. 21, eff. November 3, 2015. Acts 2019, 86th Leg., R.S., Ch. 943 (H.B. 3), Sec. 3.059, eff. September 1, 2019.