June 2017 Committee on School Finance Permanent School Fund Item 9

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

June 23, 2017

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 approve a list of qualified candidates who responded to the request for qualifications (RFQ 701-17-026) for outside legal counsel for the State Board of Education and the Texas Permanent School Fund: fiduciary, investment contracting, real estate, tax and disclosure counsel.

STATUTORY AUTHORITY: Texas Constitution, Article VII, §5(f).

PREVIOUS BOARD ACTION: At the February 2017 meeting, the board approved the issuance of a request for qualifications for fiduciary, investment contracting, real estate, tax and disclosure counsel.

BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: At the July 2012 meeting, the board approved the list of qualified respondents available for contracting. The provision in the current contract for legal counsel will expire on August 31, 2017.

FISCAL IMPACT: The distribution of the Permanent School Fund is projected to be $2.1 billion during the 2016-2017 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.

OTHER COMMENTS AND RELATED ISSUES: None.

Staff Member Responsible:
Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Texas Permanent School Fund