Texas Education Code 43.066 – Distributions by Corporation From Permanent School Fund to Available School Fund
(a) The corporation may distribute from the permanent school fund to the available school fund under § 5(g), Article VII, Texas Constitution, an amount not to exceed the limitation under that section that is determined in accordance with rules established by the corporation.
(b) In developing the rules for distributions under Subsection (a), the corporation shall develop and establish an annual minimum distribution rate that the corporation will use in making a distribution from the permanent school fund to the available school fund each state fiscal year. In developing the annual minimum distribution rate under this subsection, the corporation may consider:
(1) transfers made from the permanent school fund to the available school fund under § 43.002 in accordance with § 5(a), Article VII, Texas Constitution;
(2) factors that relate to the current and future public school students in the state; and
(3) any other factors the corporation determines relevant.
Terms Used In Texas Education Code 43.066
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.