Texas § 45.2541 INTERCEPT OF FOUNDATION SCHOOL PROGRAM APPROPRIATIONS AS CREDIT ENHANCEMENT.

Texas Statutes

§ 45.2541 — INTERCEPT OF FOUNDATION SCHOOL PROGRAM APPROPRIATIONS AS CREDIT ENHANCEMENT.

Texas § 45.2541

Code EDEducation Code

This text of Texas § 45.2541 (INTERCEPT OF FOUNDATION SCHOOL PROGRAM APPROPRIATIONS AS CREDIT ENHANCEMENT.) 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. § 45.2541 (2026).

Text

Sec. 45.2541. INTERCEPT OF FOUNDATION SCHOOL PROGRAM APPROPRIATIONS AS CREDIT ENHANCEMENT.

(a)Money appropriated for the Foundation School Program that may be used for the purpose under this subchapter and under any other law, rule, or regulation shall be used to provide credit enhancement for eligible bonds as provided by this subchapter, the General Appropriations Act, and board rule if using the permanent school fund to guarantee particular bonds would result in:

(1)a total amount of outstanding bonds guaranteed by the permanent school fund exceeding the amount authorized under:

(A)Section 45.053 ; or

(B)federal law or regulations; or

(2)the use of a portion of the cost value of the permanent school fund reserved under Section 45.0531 , as determined by the board.

(b)If Foundation

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Sec. 45.2541. INTERCEPT OF FOUNDATION SCHOOL PROGRAM APPROPRIATIONS AS CREDIT ENHANCEMENT. (a) Money appropriated for the Foundation School Program that may be used for the purpose under this subchapter and under any other law, rule, or regulation shall be used to provide credit enhancement for eligible bonds as provided by this subchapter, the General Appropriations Act, and board rule if using the permanent school fund to guarantee particular bonds would result in:
(1) a total amount of outstanding bonds guaranteed by the permanent school fund exceeding the amount authorized under:
(A) Section 45.053 ; or
(B) federal law or regulations; or
(2) the use of a portion of the cost value of the permanent school fund reserved under Section 45.0531 , as determined by the board.
(b) If Foundation School Program appropriations are not sufficient in any year to pay principal or interest that becomes due on bonds for which credit enhancement is provided under this subchapter, the payment shall be made from the following year's Foundation School Program appropriations that may be used for the purpose under this subchapter before those appropriations are used for any other Foundation School Program purpose.