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A BILL TO BE ENTITLED
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AN ACT
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relating to state support for assistance with payment of existing |
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debt on certain bonds issued by school districts. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 46.032, Education Code, is amended by |
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amending Subsection (a) and adding Subsections (a-1) and (d) to |
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read as follows: |
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(a) Each school district is guaranteed a specified amount |
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per student in state and local funds for each cent of tax effort to |
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pay the principal of and interest on eligible bonds. The amount of |
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state support, subject only to the maximum amount under Section |
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46.034, is determined by the formula: |
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EDA = (EDGL X ADA X EDTR X 100) - (EDTR X (DPV/100)) |
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where: |
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"EDA" is the amount of state funds to be allocated to the |
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district for assistance with existing debt; |
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"EDGL" is the dollar amount guaranteed level of state and |
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local funds per student per cent of tax effort provided by |
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Subsection (a-1)[, which is $35] or a greater amount for any year |
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provided by appropriation; |
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"ADA" is the number of students in average daily attendance, |
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as determined under Section 42.005, in the district; |
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"EDTR" is the existing debt tax rate of the district, which is |
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determined by dividing the amount budgeted by the district for |
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payment of eligible bonds by the quotient of the district's taxable |
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value of property as determined under Subchapter M, Chapter 403, |
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Government Code, or, if applicable, under Section 42.2521, divided |
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by 100; and |
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"DPV" is the district's taxable value of property as |
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determined under Subchapter M, Chapter 403, Government Code, or, if |
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applicable, under Section 42.2521. |
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(a-1) For purposes of Subsection (a), the dollar amount |
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guaranteed level of state and local funds per student per cent of |
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tax effort ("EDGL") is: |
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(1) $35 for each cent of tax effort that does not |
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exceed the rate of $0.20 per $100 of valuation; and |
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(2) $60 for each cent of tax effort that exceeds the |
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tax effort described by Subdivision (1). |
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(d) Notwithstanding any other provision of this chapter, a |
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school district may use additional amounts of state assistance |
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received under this subchapter as a result of changes made to the |
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dollar amount guaranteed level of state and local funds by __.B. |
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___, Acts of the 84th Legislature, Regular Session, 2015, to |
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accelerate the maturity date of previously issued bonds or to |
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reduce the district's tax rate for purposes of debt service. |
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SECTION 2. Section 46.034(a), Education Code, is repealed. |
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SECTION 3. This Act takes effect September 1, 2015. |