Tex. Educ. Code Section 43.009
Prepayment of Certain Bonds Held by the Permanent School Fund


(a)

The State Board of Education may authorize the governing body of any political subdivision in this state to pay off and discharge, at any interest paying date whether the bonds are matured or not, all or any part of any outstanding bond indebtedness owned by the permanent school fund.

(b)

The governing body of a political subdivision desiring to pay off and discharge any bonded indebtedness owned by the fund shall apply in writing to the State Board of Education, not later than the 30th day before any interest paying date on the bonds, describing the bonds or part of the bonds it desires to pay off and discharge. The application must be accompanied by an affidavit stating that only tax money collected from a tax levy made for the specific purpose of providing a sinking fund and paying interest on the particular bonds to be redeemed will be spent in redeeming, taking up, or paying off the bonds.

(c)

The State Board of Education, on receiving the application and affidavit, shall take action on them in the manner it considers best and shall notify the applicant whether the application is refused or granted in whole or in part.

(d)

A person who has a duty under this section may not give or receive any commission, premium, or compensation for the performance of that duty.

(e)

Only tax money collected from tax levies made for the specific purpose of providing a sinking fund and paying interest on the particular bonds to be redeemed may be spent in redeeming, taking up, or paying off of bonds as provided by this section, unless the bonds are being redeemed for the purpose of being refunded.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.

Source: Section 43.009 — Prepayment of Certain Bonds Held by the Permanent School Fund, https://statutes.­capitol.­texas.­gov/Docs/ED/htm/ED.­43.­htm#43.­009 (accessed Mar. 23, 2024).

43.001
Composition of Permanent School Fund and Available School Fund
43.002
Transfers from Permanent School Fund and General Revenue Fund to Available School Fund
43.003
Investment of Permanent School Fund
43.004
Written Investment Objectives
43.005
External Investment Managers
43.006
Investment Management
43.007
Purchase and Sale or Exchange of Securities
43.009
Prepayment of Certain Bonds Held by the Permanent School Fund
43.010
Default of School District Securities Held by the Permanent School Fund
43.011
Authorized Refunding of Defaulted School Bonds
43.012
Refunding Other Defaulted Obligations
43.013
Jurisdiction
43.014
Duties of Comptroller
43.015
Duties of Comptroller
43.016
Use of Available School Fund
43.017
Use of Commercial Banks as Agents for Collection of Income from Permanent School Fund Investments
43.018
Participation in Fully Secured Securities Loan Programs
43.019
Accounting Treatment of Certain Exchanges
43.020
Treatment of Accrued Income
43.0031
Permanent School Fund Ethics Policy
43.0032
Conflicts of Interest
43.0033
Reports of Expenditures
43.0034
Forms
43.0051
Transfers to Real Estate Special Fund Account of the Permanent School Fund
43.051
Definitions
43.052
Creation of Corporation
43.053
Board of Directors
43.054
Chief Executive Officer
43.055
Employees
43.056
Sovereign Immunity
43.057
Liability Insurance for Board Members and Employees
43.058
Ethics Policy
43.059
Applicability of Certain Laws
43.060
Exception to Open Meeting Requirements for Certain Consultations Concerning Investments
43.061
Record Retention
43.062
Information Technology and Associated Resources
43.063
General Powers and Duties of Corporation
43.064
Contracting for Facilities and Necessary Support
43.065
Written Investment Objectives
43.066
Distributions by Corporation from Permanent School Fund to Available School Fund
43.067
Bond Guarantee Program
43.068
Annual Audit
43.069
Annual Investment Report
43.070
Report on Anticipated Transfer to Available School Fund
43.071
Gifts, Grants, and Donations

Accessed:
Mar. 23, 2024

§ 43.009’s source at texas​.gov