34 TAC §§181.2 - 181.4, 181.9, 181.12
The Texas Bond Review Board proposes amendments to §§181.2-181.4,
181.9, and 181.12, concerning policies and procedures. Section 181.2 and §181.3
contain proposed changes to due dates for notices of intent to issue bonds
and content of applications. Proposed changes to §181.4 relate to dates
for regular meetings of the board. Section 181.9 contains proposed changes
relating to bonds which may be specifically exempted from approval by the
board and authorization of the Executive Director for approval of limited
issues. The proposed change in §181.12 corrects the agency name of the
Texas Building and Procurement Commission.
James T. Buie, Executive Director, has determined that for the first five-year
period the sections are in effect there will be no fiscal implications for
state or local government as a result of enforcing or administering the sections.
Mr. Buie has also determined that during the five-year period there will
be no probable economic cost to persons required to comply with the revised
rule and the public benefit will be realized by more clearly defined purpose/use
of commercial paper proceeds; more efficient coordination of issuance scheduling
and travel due to fewer board meetings; and exemptions from approval of certain
types of bond issues. There will be no effect on small or micro businesses
Comments may be submitted in writing to: James T. Buie, Executive Director,
Texas Bond Review Board, PO Box 13292, Austin, Texas 78711-3292; or via email
to: buie@brb.state.tx.us with a copy to acctng@brb.state.tx.us
The amendments are proposed under Chapter 1231, Government Code,
which gives the Texas Bond Review Board the authority to adopt rules governing
application for review, the review process, and reporting requirements involved
in the issuance of state bonds.
Chapter 1231, Government Code is affected by these proposed amendments.
§181.2.Notice of Intention to Issue.
(a)
An issuer intending to issue state securities shall submit
a written or electronic notice to the bond finance office no later than
the last Wednesday of the month
[
three weeks
] prior to the
date requested for board consideration. The director of the bond finance shall
forward one copy of the notice to each member of the board. Prospective issuers
are encouraged to file the notice of intention as early in the issuance planning
stage as possible. The notice is for information purposes only, to facilitate
the scheduling of board review activities.
(b)-(d)
(No change.)
§181.3.Application for Board Approval of State Bond Issuance.
(a)-(c)
(No change.)
(d)
An application for all state securities other than lease-purchase
agreements must include:
(1)-(18)
(No change.)
(19)
Applications for the approval of proceedings authorizing
the issuance of state securities in the form of commercial paper notes shall
contain the information required by paragraphs (1) - (18) of this subsection
to the extent it is available or capable of being determined.
An application
for commercial paper or other similar short-term state securities must contain
a description of any project or projects that will be permanently financed
with tuition revenue bonds or state securities secured with general revenues
of the state. Such commercial paper or short term securities may not be issued
unless the issuance for the project or projects is specifically approved by
the board.
(e)-(f)
(No change.)
§181.4.Meetings.
(a)
The regular meeting of the board shall be held the Thursday
following the third Tuesday of
alternate months beginning in January
[
each month, with the exception of the months of January, July
and September. No meetings will be held in those months unless called by the
Chair
].
(b)
(No change.)
(c)
A planning session will be held regarding applications
pending before the board on or before the second Tuesday of
alternate
months beginning in January
[
each month, with the exception of
the months of January, July and September
]. Planning sessions regarding
applications to be heard at additional meetings of the board will be held
as far in advance of the additional board meeting as is practicable. At a
planning session, board members, their designated representatives, or their
staff representatives may discuss pending applications. Applicants may be
required to attend a planning session and may be asked to make a presentation
and answer questions regarding their application. Applicants may be asked
to submit written answers to questions regarding their application in lieu
of, or in addition to, their attendance at a planning session.
(d)-(h)
(No change.)
§181.9. State Exemptions.
The board may exempt certain
securities
[
bonds
]
from [
review and
] approval by the board. The board may from time
to time publish in the Texas Register a list of state
securities
[
bonds
] that are exempt.
(1)
Specific exemptions include
the following:
(A)
Texas Department of Housing and Community Affairs
multifamily conduit housing transactions that are non-Community Housing Development
Organization (CHDO) related and have no general revenue impact to the state.
(B)
Texas State Affordable Housing Corporation multifamily
conduit housing transactions that are non-Community Housing Development Organization
(CHDO) related and have no general revenue impact to the state.
(C)
Self-supporting general obligation
bonds issued by the Veterans Land Board and the Texas Water Development Board.
Exemptions provided under this section do not preclude an issuer from the
application review process or reporting requirements, specifically as they
relate to §181.2 and §181.5 (without attachments) of the Bond Review
Board rules. At the request of two or more members, an issuer may be required
to follow the formal approval process regardless of this section.
(2)
The board may authorize the
Executive Director to: approve refunding or refinancing transactions that
have a net present value savings of at least three (3) percent, or that are
removing restrictive bond covenant requirements; or approve self-supporting
revenue bond issues that have no general revenue impact to the state.
§181.12.Charges for Public Records.
The charge to any person requesting copies of any public records of
the Texas Bond Review Board will be the charge established by the
Texas
Building and Procurement Commission
[
General Services Commission
]; however, the Texas Bond Review Board will charge the following amounts
necessary to recoup the costs of items as follows:
(1)-(8)
(No change.)
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 May 30, 2003.
TRD-200303336
James T. Buie
Executive Director
Texas Bond Review Board
Earliest possible date of adoption: July 13, 2003
For further information, please call: (512) 463-9890