Adoption of an Annual Report on the Status of the Bond Guarantee Program
July 17, 2009
COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: ACTION
STATE BOARD OF EDUCATION: CONSENT
SUMMARY: This item provides an opportunity for the committee and board to adopt an annual report on the status of the Bond Guarantee Program.
STATUTORY AUTHORITY: Texas Constitution, Article VII, §5(f).
PREVIOUS BOARD ACTION: None.
BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: Texas Education Code (TEC), §45.053(c), states that “The commissioner shall prepare and the board shall adopt an annual report on the status of the guaranteed bond program.”
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’S RECOMMENDATION: I recommend that the State Board of Education:
Adopt the annual report on the status of the Bond Guarantee Program as of
August 31, 2008.
Commissioner of Education
Staff Member Responsible:
Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Texas Permanent School Fund
Bond Guarantee Program Comparative Status Summary for the Fiscal Year Ended August 31, 2008