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@MISC{_references,
author = {},
title = {References},
year = {}
}
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Abstract
without applications and has no award cycles. This program provides tax rate equalization for local debt service taxes. By providing a guaranteed yield on Interest and Sinking fund (I&S) taxes levied by school districts to pay the principal of and interest on eligible bonds, the program guarantees a specific amount of state and local funds per student for each cent of tax effort up to $0.29 per $100 of assessed valuation. Currently, the guaranteed yield for EDA provides $35 per student in average daily attendance (ADA) per penny of tax effort. Only general obligation bonds are eligible for the EDA program. Lease-purchase agreements authorized by Local Government Code, §271.004, are not eligible. Debt service for which the district currently receives assistance through the Instructional Facilities Allotment in accordance with TEC Subchapter A, Chapter 46 is not eligible to receive state assistance. The eligibility of bonds for the EDA program is determined by the first payment of debt service in accordance with TEC §46.033. Refunding bonds as defined by TEC §46.007 are also eligible for EDA assistance. The eligibility date for the EDA program was amended by the passage of House Bill 3646, 81st Texas Legislature. Section 76 of the bill changed the TEC, §46.033, to provide a permanent rollforward provision to establish bond eligibility for the EDA program. The amendments to the section deleted the eligibility dates in the statute and replaced those dates with references to the last year of the preceding biennium. As a result, bonds that were issued during a biennium, with the first payment made during that biennium, will become automatically eligible for the EDA in the following biennium without the need for legislative action.
Keyphrases
eda program guaranteed yield debt service first payment tax effort specific amount local fund bond eligibility permanent rollforward provision last year average daily attendance eligible bond general obligation bond legislative action local debt service tax eligibility date lease-purchase agreement state assistance texas legislature instructional facility allotment eda assistance tec subchapter local government code following biennium assessed valuation house bill sinking fund tax rate equalization school district
