Search for Outside Legal Counsel for the Permanent School Fund
March 27, 2009
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 outside legal counsel who responded to the Request for Qualifications (RFQ) for Securities Litigation Counsel.
STATUTORY AUTHORITY: Texas Constitution, Article VII, §5(f).
PREVIOUS BOARD ACTION: At the January 2009 meeting, the board postponed this item.
BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: At the February 20, 2009 School Finance/Permanent School Fund committee meeting, the committee discussed the letter from the Attorney General’s office which addressed rules and guidelines for hiring external counsel.
FISCAL IMPACT: The distribution of the Permanent School Fund is projected to be $1.4 billion during the 2008-2009 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