Texas § 45.059 PAYMENT OF SCHOOL DISTRICT BOND ON DEFAULT.

Texas Statutes

§ 45.059 — PAYMENT OF SCHOOL DISTRICT BOND ON DEFAULT.

Texas § 45.059

Code EDEducation Code

This text of Texas § 45.059 (PAYMENT OF SCHOOL DISTRICT BOND ON DEFAULT.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Education Code Code Ann. § 45.059 (2026).

Text

Sec. 45.059. PAYMENT OF SCHOOL DISTRICT BOND ON DEFAULT.

(a)Immediately following receipt of notice under Section 45.058 that a school district will be or is unable to pay maturing or matured principal or interest on a guaranteed bond, 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 sch

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Sec. 45.059. PAYMENT OF SCHOOL DISTRICT BOND ON DEFAULT. (a) Immediately following receipt of notice under Section 45.058 that a school district will be or is unable to pay maturing or matured principal or interest on a guaranteed bond, 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.

Legislative History

Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995. Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 5.07, eff. Sept. 1, 1997. Amended by: Acts 2011, 82nd Leg., 1st C.S., Ch. 4 (S.B. 1 ), Sec. 59.12, eff. September 28, 2011. Acts 2011, 82nd Leg., 1st C.S., Ch. 4 (S.B. 1 ), Sec. 59.13, eff. September 28, 2011.