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TITLE 34PUBLIC FINANCE
PART 9TEXAS BOND REVIEW BOARD
CHAPTER 181BOND REVIEW BOARD
SUBCHAPTER ABOND REVIEW RULES
RULE §181.10State Debt Issuer Reports

(a) All issuers of state securities must file state debt issuer reports with the bond finance office on a semi-annual basis. Reports shall be submitted no later than March 15 for the six month period ending the last day of February and no later than September 15 for the six month period ending August 31.

(b) The semi-annual reports shall include:

  (1) an explanation of any change during the fiscal year previous to the deadline for this report, in the debt-retirement schedule for any outstanding state security issue (e.g. exercise of redemption provision, conversion from short-term to long-term securities, etc.);

  (2) a description of any state security issues expected during the fiscal year, including type of issue, estimated amount, and expected month of sale;

  (3) a list of all state security issues outstanding and corresponding debt service schedules for all securities outstanding in a digital and hard copy format; and

  (4) a list of all interest rate management agreements, including the associated issue name, effective and termination dates, original and current notional amounts, terms of the agreement (fixed rate paid/variable rate received, variable rate paid/variable rate received), and mark-to-market value.

(c) An issuer of state securities issued in the form of commercial paper notes shall submit as part of the required semi-annual reports the following information:

  (1) the aggregate principal amount of commercial paper that the issuer is authorized to issue and have outstanding at any one time;

  (2) the aggregate principal amount of commercial paper outstanding as of the end of such semi-annual period;

  (3) the aggregate principal amount of commercial paper issued to fund project costs during such semi-annual period; and

  (4) a list of the projects for which commercial paper was issued during such semi-annual period.

(d) All issuers of state securities must file material event notices with the bond finance office when a submission is made by an issuer to the Municipal Securities Rulemaking Board pursuant to Securities and Exchange Commission Rule 15c2-12(b)(5)(i)(C), as amended, or any analogous state statute. When requested by the bond finance office, such issuers must also file financial information with the office when the information is submitted by an issuer to the above-described board pursuant to Securities and Exchange Commission Rule 15c2-12(b)(5)(i)(A) or (B), as amended, or any analogous state statute.

(e) All issuers of state securities that have entered into interest rate management agreements shall notify the bond finance office within 10 business days of:

  (1) the occurrence of any event that constitutes an event of default or termination event under an agreement;

  (2) the failure to pay or deliver any payment due under an agreement if not cured within the applicable cure period;

  (3) the failure to deliver, when due, eligible collateral required to be made pursuant to an agreement and the failure continues past the applicable cure period; and

  (4) the credit rating of the counterparty or any credit support provider to such party being withdrawn, suspended or downgraded below Baa2 as determined by Moody's Investors Service or BBB as determined by Standard & Poor's Corporation or which otherwise constitutes an additional termination event pursuant to an agreement.

(f) All issuers of state securities that have variable-rate debt outstanding shall notify the bond finance office within 10 business days of:

  (1) the credit rating of a liquidity provider being withdrawn, suspended or downgraded below Baa2 as determined by Moody's Investors Service or BBB as determined by Standard & Poor's Corporation;

  (2) the failure of any remarketing of variable-rate debt that results in all or part of the debt becoming subject to an accelerated principal maturity date as a result of being owned by a liquidity provider for more than 90 consecutive days; and

  (3) a reset rate in excess of one hundred basis points from the preceding rate.


Source Note: The provisions of this §181.10 adopted to be effective August 10, 1988, 13 TexReg 3755; amended to be effective February 27, 2002, 27 TexReg 1335; amended to be effective April 9, 2008, 33 TexReg 2828; amended to be effective October 8, 2009, 34 TexReg 6859; amended to be effective August 22, 2010, 35 TexReg 7077; amended to be effective February 8, 2012, 37 TexReg 501

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