PAYMENT

(a) A school district shall pay for credit purchased: (1) in equal monthly payments as determined by the commissioner beginning February 15 and ending August 15 of the school year for which the agreement is in effect; or (2) in one payment for the total amount required to be paid by the district not later than August 15 of the school year for which the agreement is in effect. (a-1) If a school district elects to pay for credit purchased in the manner provided by Subsection (a)(2), the district must notify the commissioner not later than February 15 of the school year for which the agreement is in effect. (a-2) Notwithstanding Subsections (a) and (a-1), a district that receives approval of a request under Section 49.0043 shall pay for credit purchased: (1) in equal monthly payments as determined by the commissioner beginning March 15, 2026, and ending August 15, 2026; or (2) in the manner provided by Subsection (a)(2), provided that the district notifies the commissioner of the district's election to pay in that manner not later than March 15, 2026. (a-3) Subsection (a-2) and this subsection expire September 1, 2026. (a-4) Notwithstanding Subsections (a) and (a-1), a district that receives approval of a request under Section 49.0044 shall pay for credit purchased: (1) in equal monthly payments as determined by the commissioner beginning March 15, 2026, and ending August 15, 2026; or (2) in the manner provided by Subsection (a)(2), provided that the district notifies the commissioner of the district's election to pay in that manner not later than March 15, 2026. (a-5) Subsection (a-4) and this subsection expire September 1, 2026. (b) Receipts shall be deposited in the state treasury and may be used only for foundation school program purposes.