Part 9. TEXAS BOND REVIEW BOARD
Chapter 181. BOND REVIEW BOARD
Subchapter A. BOND REVIEW RULES
The Texas Bond Review Board (BRB) proposes amendments to §181.2 and §181.9, concerning Bond Review Rules. Texas Government Code Chapter 1231 was amended by the Texas Legislature 80th Regular Session, Senate Bill 1332 effective September 1, 2007. The proposed amendments to the rules are to address the changes in Texas Government Code Chapter 1231 and to clarify processes related to the issuance of state securities.
Robert Kline, Executive Director for the BRB, has determined that for the first five-year period the amendments are in effect there will be no fiscal implications for state or local government as a result of enforcing or administering the amendments of these sections.
Mr. Kline has also determined that for each year of the first five years the amendments are in effect the public will benefit from clearer debt issuance and reporting procedures. There will be no effect on small businesses. There is no additional anticipated economic cost to persons to comply with the amendments as proposed.
Comments on the proposal may be submitted in writing to Robert Kline, Texas Bond Review Board, P.O. Box 13292, Austin, Texas 78711-3292. Comments may also be submitted electronically to kline@brb.state.tx.us or faxed to (512) 475-4802.
The amendments are proposed under Texas Government Code §1231.022, which gives BRB the authority to adopt rules governing application for review, the review process, and reporting requirements involved in the issuance of state securities.
The proposed amendments implement the Texas Government Code Chapter 1231.
§181.2.Notice of Intention to Issue.
(a) - (d) (No change.)
(e) An issuer intending to issue state securities that
are exempt from approval pursuant to §181.9 of this title shall
submit during regular business hours a written or electronic notice
of intent to the bond finance office at least
seven [five
] business days prior to the date the securities are to be issued.
Prospective issuers are encouraged to file the notice of intention
as early in the issuance planning stage as possible.
(1) - (2) (No change.)
§181.9.State Exemptions.
(a) - (c) (No change.)
(d) At the written request of one or more members of
the Board given to an issuer within six [four]
business days of the notice forwarded pursuant to subsection (c) of
this section, an issuer is required to follow the formal approval
process regardless of this section; provided, however, if an issuer
is required to follow the formal approval process pursuant to this
section, the notice of intent will be treated as a completed application
for purposes of §181.3 of this title.
This agency hereby certifies that the proposal has been reviewed by legal counsel and found to be within the agency's legal authority to adopt.
Filed with the Office of the Secretary of State on April 14, 2008.
TRD-200801923
Melissa Robbins
Financial Analyst
Texas Bond Review Board
Earliest possible date of adoption: May 25, 2008
For further information, please call: (512) 475-4803