Bill Text: TX HB2204 | 2015-2016 | 84th Legislature | Introduced

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Bill Title: Relating to state support for assistance with payment of existing debt on certain bonds issued by school districts.

Spectrum: Partisan Bill (Republican 8-0)

Status: (Introduced - Dead) 2015-04-08 - Left pending in subcommittee [HB2204 Detail]

Download: Texas-2015-HB2204-Introduced.html

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84R6632 GCB-F
By: Thompson of Brazoria H.B. No. 2204

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