These rules shall establish the procedures to be used by the
School Land Board (SLB) to determine the dates that releases will
be made and the amounts of money that will be released on those dates
from the Real Estate Special Fund Account (RESFA) to either the Available
School Fund (ASF) or the State Board of Education (SBOE) for investment
in the Permanent School Fund (PSF), as required by Section 51.413(b)
of the Texas Natural Resources Code.
(1) Not later than July 31 of each even-numbered year,
the Chief Investment Officer (CIO) of the General Land Office (GLO)
will perform an analysis, using March 31 GLO investment valuation
data, as follows:
(A) Determine an amount equal to 6% of the average
market value of the GLO PSF Real Assets Investment Portfolio (Portfolio)
over the trailing sixteen-quarter measurement period.
(B) Round the amount calculated in paragraph (1)(A)
of this section up or down to the nearest $5,000,000 increment.
(C) Determine the average quarterly change in the amount
determined in paragraph (1)(A) of this section over the trailing sixteen-quarter
measurement period. Multiply this amount times 4 and add the resulting
product to the amount determined in paragraph (1)(A) of this section.
Round the resulting amount up or down to the nearest $5,000,000 increment.
(2) Not later than September 1 of each even-numbered
year, the CIO will provide to the SLB at a regularly scheduled SLB
meeting the results of the analysis performed in accordance with paragraph
(1) of this section and make recommendations to the SLB regarding
the release of funds from the RESFA. At such regularly scheduled meeting,
the SLB will adopt a resolution detailing the actual amounts to be
released to either the ASF or the SBOE for investment in the PSF in
each of the individual years of the next-approaching fiscal biennium
and the actual dates of the releases.
(3) Not later than September 1 of each even-numbered
year, the SLB, in consultation with the CIO, will submit a report
to the Legislature, Comptroller, SBOE, and Legislative Budget Board
that states the dates and amounts approved by the SLB for release
from the RESFA to either the ASF or SBOE for investment in the PSF
during the next-approaching fiscal biennium.
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