April 2023 Committee on School Finance/Permanent School Fund Item 2

Adoption of an Annual Report on the Status of the Bond Guarantee Program

April 14, 2023

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, §2 and §5; Texas Education Code (TEC), §45.053(c).

The Texas Constitution, Article VII, §2 and §5 establish the permanent school fund, the assets that comprise the permanent school fund, the bond guarantee program, the available school fund, and authorize the State Board of Education (SBOE) to manage the permanent school fund.

TEC, §45.053(c) requires the SBOE to adopt an annual report on the status of the guaranteed bond program.

The full text of statutory citations can be found in the statutory authority section of this agenda.

BACKGROUND INFORMATION AND JUSTIFICATION: Pursuant to TEC §45.053(c), the commissioner shall prepare, and the board shall adopt an annual report on the status of the guaranteed bond program.

Staff Member Responsible:
Holland Timmins, Chief Executive Officer, Texas Permanent School Fund Corporation