Selection of Qualified Respondents to the Request for Qualifications (RFQ) for Fiduciary Counsel, Alternative Assets Portfolio/Contracting and Tax Counsel for the
Permanent School Fund
July 20, 2012
COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: ACTION
STATE BOARD OF EDUCATION: ACTION
SUMMARY: This item provides an opportunity for the committee and board to review and approve a list of qualified candidates who responded to the request for qualifications for fiduciary counsel, alternative assets portfolio/contracting and tax counsel for the Permanent School Fund. The board may interview candidates as needed and give staff appropriate directions.
STATUTORY AUTHORITY: Texas Constitution, Article VII, §5(f).
PREVIOUS BOARD ACTION: At the April 2012 meeting, the board approved the issuance of a request for qualifications for fiduciary counsel, alternative assets portfolio/contracting and tax counsel for the Permanent School Fund.
BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: At the July 2010 meeting, the board approved the list of qualified respondents available for contracting.
FISCAL IMPACT: The distribution of the Permanent School Fund is projected to be $2.0 billion during the 2012-2013 biennium.
PUBLIC AND STUDENT BENEFIT: The distribution of the Permanent School Fund will flow to the school districts and reduce the tax burden to the public and the state of Texas.
PROCEDURAL AND REPORTING IMPLICATIONS: Not applicable.
PUBLIC COMMENTS: None.
ALTERNATIVES: No alternative actions are proposed regarding this item.
OTHER COMMENTS AND RELATED ISSUES: None.
Commissioner of Education
Staff Member Responsible:
Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Texas Permanent School Fund