Tex.
Educ. Code Section 46.032
Allotment
(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 (Limits on Assistance), is determined by the formula:(1)
$40 or a greater amount for any year provided by appropriation; or(2)
the amount that would result in a total additional amount of state funds under this subchapter for the current year equal to $60 million in excess of the state funds to which school districts would have been entitled under this section if the guaranteed level amount were $35;(b)
The existing debt tax rate of the district under Subsection (a) may not exceed the rate that would be necessary for the current year, using state funds under Subsection (a), to make payments of principal and interest on the bonds for which the tax is pledged.(c)
The amount budgeted by a district for payment of eligible bonds may include:(1)
bond taxes collected in the current school year;(2)
bond taxes collected in a preceding school year in excess of the amount necessary to pay the district’s share of actual debt service on bonds in that year, provided that the taxes were not used to generate other state financial assistance for the district; or(3)
maintenance and operations taxes collected in the current school year or a preceding school year in excess of the amount eligible to be used to generate other state financial assistance for the district.
Source:
Section 46.032 — Allotment, https://statutes.capitol.texas.gov/Docs/ED/htm/ED.46.htm#46.032 (accessed Apr. 20, 2024).
