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A BILL TO BE ENTITLED
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AN ACT
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relating to property tax relief, the school facilities allotment |
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and the existing debt allotment under the Foundation School |
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Program. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 46.003(a), Education Code, is amended to |
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read as follows: |
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Sec. 46.003. SCHOOL FACILITIES ALLOTMENT. (a) For each |
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year, except as provided by Sections 46.005 and 46.006, a school |
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district is guaranteed a specified amount [per student] in state |
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and local funds [for each cent of tax effort, up to the maximum rate
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under Subsection (b),] to pay the principal of and interest on |
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eligible bonds issued to construct, acquire, renovate, or improve |
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an instructional facility. The amount of state support is |
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determined by the formula: |
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FYA = EBP X (1 - (DYL/FYL) |
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[FYA = (FYL X ADA X BTR X 100) - (BTR X (DPV/100))] |
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where: |
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"FYA" is the guaranteed facilities yield amount of state |
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funds allocated to the district for the year; |
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"FYL" is the dollar amount guaranteed level of state and |
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local funds per student per cent of tax effort, which is $35 or a |
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greater amount for any year provided by appropriation; |
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"ADA" is the greater of the number of students in average |
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daily attendance, as determined under Section 42.005, in the |
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district or 400; |
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"EBP" ["BTR"] is the [district's bond tax rate for the
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current year, which is determined by dividing the] amount budgeted |
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by the district for payment of eligible bonds [by the quotient of
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the district's taxable value of property as determined under
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Subchapter M, Chapter 403, Government Code, or, if applicable,
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under Section 42.2521, divided by 100]; and |
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"DYL" ["DPV"] is the district's yield per penny per student |
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which is determined by dividing the taxable value of property as |
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determined under Subchapter M, Chapter 403, Government Code, or, if |
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applicable, Section 42.2521, by the product of the district's ADA |
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and 10,000. |
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SECTION 2. Section 46.032(a), Education Code, is amended to |
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read as follows: |
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Sec. 46.032. ALLOTMENT. (a) Each school district is |
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guaranteed a specified amount per student in state and local funds |
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for each cent of tax effort to pay the principal of and interest on |
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eligible bonds. The amount of state support, subject only to the |
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maximum amount under Section 46.034, is determined by the formula: |
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EDA = EDBP X (1 - (DYL/EDGL) |
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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, which is $35 or a |
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greater amount for any year 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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"EDBP" ["EDTR"] is the [existing debt tax rate of the
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district, which is determined by dividing the] amount budgeted by |
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the district for payment of eligible bonds by the quotient of the
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district's taxable value of property as determined under Subchapter
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M, Chapter 403, Government Code, or, if applicable, under Section
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42.2521, divided by 100]; and |
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"DYL" ["DPV"] is the district's yield per penny per student |
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which is determined by dividing the taxable value of property as |
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determined under Subchapter M, Chapter 403, Government Code, or, if |
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applicable, Section 42.2521, by the product of the district's ADA |
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and 10,000. |
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SECTION 3. Section 46.034(c), Education Code, is amended to |
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read as follows: |
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(c) If the amount required to pay the principal of and |
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interest on eligible bonds in a school year is less than the amount |
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of payments made by the district on the bonds during the final |
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school |
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year of the preceding state fiscal biennium or the |
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district's audited debt service collections for that school year, |
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the district may not receive aid in excess of the amount that, when |
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added to the district's local revenue for the school year, equals |
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the amount required to pay the principal of and interest on the |
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bonds. |
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SECTION 4. The following provisions of the Education Code |
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are repealed: |
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(1) Sections 46.003(b), (c) and (d); |
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(2) Sections 46.032(b), (c) and (d); and |
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(3) Sections 46.034(a), (b) and (b-1). |
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SECTION 5. A school district must use all revenues derived |
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from the changes to Chapter 46, Education Code, provided by this Act |
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to reduce the district's tax rate for bonded indebtedness or to |
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reduce the maturity of previously issued bonds. The commissioner |
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shall adopt rules regarding the operation and enforcement of this |
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provision. |
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SECTION 6. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2015. |