Skip to main content
Find a Lawyer

Texas Education Code - EDUC § 12.141. Reclaimed Funds

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The agency shall deposit funds received under Sections 12.106, 12.128, 12.1281, 12.1283, and 12.1284 into the charter school liquidation fund and may use the funds to:

(1) pay expenses relating to managing and closing an open-enrollment charter school that ceases to operate, including:

(A) maintenance of the school's student and other records;  and

(B) the agency's personnel costs associated with managing and closing the school;

(2) dispose of property described by Section 12.128;  and

(3) maintain property described by Section 12.128, including expenses for insurance, utilities, maintenance, and repairs.

(b) The agency may not use funds under this section until the commissioner determines if the open-enrollment charter school that ceases to operate received an overallocation of funds under Section 12.106 that must be recovered for the Foundation School Program.

(c) The agency shall annually review the amount of funds in the charter school liquidation fund and transfer any funds exceeding $2 million:

(1) for use in funding a grant program established by the agency to:

(A) encourage high school students to enter the teaching profession;  and

(B) assist current paraprofessionals and instructional aides in pursuing the necessary credentials to become full-time teachers;  or

(2) to the comptroller to deposit in the charter district bond guarantee reserve fund under Section 45.0571.

(d) The agency may delay a transfer of funds under Subsection (c) if the excess is less than $100,000. Funds set aside for an overallocation of funds from the Foundation School Program are not included in determining whether the amount of funds exceeds $2 million.

(e) The commissioner may adopt rules necessary to implement this section.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Texas Education Code - EDUC § 12.141. Reclaimed Funds - last updated January 01, 2024 | https://codes.findlaw.com/tx/education-code/educ-sect-12-141/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard