William B. Travis Building
1701 N. Congress Avenue, Austin, Texas
FRIDAY
February 19, 2010
9 a.m.
COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND - Room 1-100
Members: David Bradley, Chair; Rick Agosto, Vice Chair; Cynthia Dunbar; Gail Lowe; and Rene Nuñez. A quorum of the State Board of Education may attend the committee meeting and discuss items on the committee agenda. A quorum of the Committee of Investment Advisors to the Permanent School Fund may attend the committee meeting and discuss items on the committee agenda.
Public Testimony - Individual testimony will be taken at the time the related item comes up for committee discussion or action. The procedures for registering and taking public testimony at State Board of Education committee meetings and general board meetings are provided at http://www.tea.state.tx.us/index4.aspx?id=3958.
1. Discussion of Proposed Amendment to 19 TAC Chapter 33, Statement of Investment Objectives, Policies, and Guidelines of the Texas Permanent School Fund, §33.65, Guarantee Program for School District Bonds
This item presents proposed amendment to 19 TAC Chapter 33, Statement of Investment Objectives, Policies, and Guidelines of the Texas Permanent School Fund, §33.65, Guarantee Program for School District Bonds, for discussion. The proposed amendment would modify the policies for administration of the school district bond guarantee program to comply with requirements related to the recent decision of the Internal Revenue Service to reopen the program and to align with the policies of the intercept program to provide credit enhancement for school district bonds that was established by the Texas Education Code (TEC), Chapter 45, Subchapter I, as added by Section 75 of House Bill (HB) 3646, 81st Texas Legislature, 2009. The proposed amendment would also modify the existing limitations on access to the guarantee and add explanations of the actions that would follow a default by a school district. Statutory authority is TEC, §7.102(c)(33) and §45.063.
COMMITTEE - DISCUSSION
SBOE - NO ACTION
2. Update on the Real Estate Investment Process
This item provides an opportunity for the committee to receive an update on the real estate investment process and an educational session on real estate markets and investments.
COMMITTEE - DISCUSSION
SBOE - NO ACTION
3. Presentation by NEPC, General Investment Counsel for the Permanent School Fund
This item provides the opportunity for the committee to receive a presentation by NEPC on 2010 capital market projections and an educational session on asset allocation.
COMMITTEE - DISCUSSION
SBOE - NO ACTION
4. Review of Goldman Sachs Investment Management Services
This item provides an opportunity for the committee to review the investment management services provided by Goldman Sachs Asset Management. Goldman Sachs is currently on the Permanent School Fund watch list.
This item provides an opportunity for the committee to review the investment management services provided by Goldman Sachs Asset Management. Goldman Sachs is currently on the Permanent School Fund watch list.
COMMITTEE - DISCUSSION
SBOE - NO ACTION
If, during the course of the State Board of Education (SBOE) meeting or any committee meeting of the SBOE, discussion of any item on the agenda may be held in a closed meeting, the SBOE or committee of the SBOE may conduct a closed meeting in accordance with Texas Open Meetings Act, Chapter 551, Subchapters D and E. Before any closed meeting is convened, the presiding officer will publicly identify the section or sections of the Act authorizing the closed meeting. All final votes, actions, or decisions will be taken in open meeting.