Proposed Amendments to Section I of the Investment Procedures Manual
January 15, 2010
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 review and adopt amendments to Section I of the Investment Procedures Manual. These amendments represent technical adjustment to maintain compliance with SEC Rule 15(2-12).
STATUTORY AUTHORITY: Texas Constitution, Article VII, §5(f).
PREVIOUS BOARD ACTION: The board adopted the Texas Permanent School Fund Investment Procedures Manual on January 24, 1995. The board last revised the manual in November 2009.
BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: None.
FISCAL IMPACT: The distribution of the Permanent School Fund is projected to be $60.7 million for fiscal year 2010.
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:
Approve amendments to Section I of the Investment Procedures Manual of the Permanent School Fund.
Respectfully submitted,
Robert Scott
Commissioner of Education
Staff Member Responsible:
Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Texas Permanent School Fund
Attachment:
Amendments to Section I of the Investment Procedures Manual