(a) The Texas Academy of Mathematics and Science is established as a division of the University of North Texas for the following purposes:
(1) to provide an enriched school for gifted and talented high school juniors and seniors to complete their high school education and to attend college courses for credit;
(2) to identify exceptionally gifted and intelligent high school students at the junior and senior levels and offer them a challenging education to maximize their development;
(3) to provide a rigorous academic program emphasizing mathematics and science, but also including a strong and varied humanities curriculum; and
(4) to reduce the shortage of mathematics and science professionals in this state.
(b) The academy is a residential, coeducational institution for selected Texas high school students with interest and potential in mathematics and science under the control and management of the board. Faculty members of the university shall teach all academic classes at the academy.

(c) A student of the academy may attend a college course offered by the university and receive college credit for that course.
(d) The board shall set aside adequate space on the university campus in Denton to be used for the operation of the academy and to carry out the purposes of this subchapter.
(e) The academy is not subject to the provisions of this code, or to the rules of the Texas Education Agency, regulating public schools, except that:
(1) professional employees of the academy are entitled to the limited liability of an employee under § 22.0511, 22.0512, or 22.052;
(2) a student’s attendance at the academy satisfies compulsory school attendance requirements; and
(3) for each student enrolled, the academy is entitled to allotments from the foundation school program under Chapter 48 as if the academy were a school district without a tier one local share for purposes of § 48.266.
(f) If in any academic year the amount of the allotments under Subsection (e)(3) exceeds the amount of state funds paid to the academy under this section in the fiscal year ending August 31, 2003, the commissioner shall set aside from the total amount of funds to which school districts are entitled under § 48.266(c) an amount equal to the excess amount and shall distribute that amount to the academy. After deducting the amount set aside and paid to the academy by the commissioner under this subsection, the commissioner shall reduce the amount to which each district is entitled under § 48.266(c) in the manner described by § 48.266(f). A determination of the commissioner under this section is final and may not be appealed.