June 2019 Committee on School Finance/Permanent School Fund Item 10
June 2019 Committee on School Finance/Permanent School Fund Item 10
Permanent School Fund Related Legislation, 86th Legislature, Regular Session
June 14, 2019
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 legislation related to the Permanent School Fund from the 86th Legislature, regular session, and to take action as needed.
STATUTORY AUTHORITY: Texas Constitution, Article VII, §2 and §5; 19 Texas Administrative Code (TAC), Chapter 33
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 and invest the permanent school fund in accordance with the prudent person standard.
As adopted by the SBOE, 19 TAC Chapter 33 codifies administrative rules that provide a statement of investment objectives, policies, and guidelines of the Texas Permanent School Fund and Bond Guarantee Program.
The full text of statutory citations can be found in the statutory authority section of this agenda.
PREVIOUS BOARD ACTION: None.
BACKGROUND INFORMATION AND JUSTIFICATION: None.
PUBLIC 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.
PUBLIC COMMENTS: None
Staff Members Responsible:
Holland Timmins, Executive Administrator and Chief Investment Officer, Texas Permanent School Fund
June 14, 2019
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 legislation related to the Permanent School Fund from the 86th Legislature, regular session, and to take action as needed.
STATUTORY AUTHORITY: Texas Constitution, Article VII, §2 and §5; 19 Texas Administrative Code (TAC), Chapter 33
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 and invest the permanent school fund in accordance with the prudent person standard.
As adopted by the SBOE, 19 TAC Chapter 33 codifies administrative rules that provide a statement of investment objectives, policies, and guidelines of the Texas Permanent School Fund and Bond Guarantee Program.
The full text of statutory citations can be found in the statutory authority section of this agenda.
PREVIOUS BOARD ACTION: None.
BACKGROUND INFORMATION AND JUSTIFICATION: None.
PUBLIC 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.
PUBLIC COMMENTS: None
Staff Members Responsible:
Holland Timmins, Executive Administrator and Chief Investment Officer, Texas Permanent School Fund