86th Texas Legislature, Regular Session, Senate Bill 1454, Chapter 631 Page: 3 of 19
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S.B. No. 1454
1 under state law;
2 (2) are held in trust by the charter holder for the
3 benefit of the students of the open-enrollment charter school;
4 (3) may be used only for a purpose for which a school
5 may use local funds under Section 45. 105(c) ; [14]
6 (4) pending their use, must be deposited into a bank,
7 as defined by Section 45.201, with which the charter holder has
8 entered into a depository contract; and
9 (5) may not:
10 (A) be pledged or used to secure loans or bonds
11 for any other organization, including a non-charter operation or
12 out-of-state operation conducted by the charter holder or a related
13 party, as defined by commissioner rule adopted under Section
14 12.1166; or
15 (B) be used to support an operation or activity
16 not related to the educational activities of the charter holder.
17 SECTION 5. Section 12.1163, Education Code, is amended by
18 adding Subsection (d) to read as follows:
19 (d) If the aggregate amount of all transactions between a
20 charter holder and a related party, as defined by commissioner rule
21 adopted under Section 12.1166, exceeds $5,000, an audit under
22 Subsection (a) may include the review of any real property
23 transactions between the charter holder and the related party. If
24 the commissioner determines that a transaction with a related party
25 using funds received under Section 12.106 was structured in a
26 manner that did not benefit the open-enrollment charter school or
27 that the transaction was in excess of fair market value, the3
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Texas. Legislature. Senate. 86th Texas Legislature, Regular Session, Senate Bill 1454, Chapter 631, legislative document, June 10, 2019; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth1201913/m1/3/: accessed May 21, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.