Texas § ED.45.059 - PAYMENT OF SCHOOL DISTRICT BOND ON DEFAULT
Full text of Texas The Texas Constitution § ED.45.059 — PAYMENT OF SCHOOL DISTRICT BOND ON DEFAULT, with citation guidance and answers to common questions.
§ ED.45.059. PAYMENT OF SCHOOL DISTRICT BOND ON DEFAULT
PAYMENT OF SCHOOL DISTRICT BOND ON DEFAULT. (a) Immediately following receipt of notice under Section 45.058 that a school district will be or is unable to pay maturing or matured principal or interest on a guaranteed bond, the commissioner shall instruct the comptroller to transfer from the appropriate account in the permanent school fund to the district's paying agent the amount necessary to pay the maturing or matured principal or interest. (b) Immediately following receipt of the funds for payment of the principal or interest, the paying agent shall pay the amount due and forward the canceled bond or coupon to the comptroller. The comptroller shall hold the canceled bond or coupon on behalf of the permanent school fund. (c) Following full reimbursement to the permanent school fund with interest, the comptroller shall further cancel the bond or coupon and forward it to the school district for which payment was made. Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995. Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 5.07, eff. Sept. 1, 1997. Amended by: Acts 2011, 82nd Leg., 1st C.S., Ch. 4 (S.B. 1 ), Sec. 59.12, eff. September 28, 2011. Acts 2011, 82nd Leg., 1st C.S., Ch. 4 (S.B. 1 ), Sec. 59.13, eff. September 28, 2011.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § ED.45.059
What does The Texas Constitution § ED.45.059 cover?
Section ED.45.059 ("PAYMENT OF SCHOOL DISTRICT BOND ON DEFAULT") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § ED.45.059?
A common citation format is "The Texas Constitution § ED.45.059" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § ED.45.059 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.