| (a) An officer or entity may not issue state securities
unless the issuance has been approved by the Board or exempted under
law, including by Board rule, from review by the Board. An officer
or entity that has not been granted an exemption by statute or Board
rule from review by the Board and that proposes to issue state securities
shall apply for Board approval by filing an electronic copy, with
an authorized signature, of the state debt application or one state
debt application with original signatures and eleven copies with the
Executive Director of the bond finance office. The Executive Director
of the bond finance office shall forward copies of the application
to each member of the Board and to the Office of the Attorney General.
(b) Applications must be filed with the bond finance
office no later than ten business days prior to the regularly scheduled
planning session. Applications filed after that date will be considered
at the regular meeting only with the approval of the Chair or two
or more members of the Board.
(c) An application for approval of a lease-purchase
agreement to be deemed complete must include, but is not limited to:
(1) a completed lease purchase application form in
the form required by the bond finance office;
(2) documentation that all necessary approvals of the
issuance of the lease purchase have been obtained from the appropriate
state boards or state agencies except:
(A) the approval of the state securities by the Attorney
General; and
(B) environmental approvals and permits;
(3) draw schedule, if applicable;
(4) proposed amortization schedule;
(5) if the lease purchase is for the acquisition of
energy conservation measures, which are subject to a guaranteed energy
savings contract, a copy of the proposed contractual agreement, a
copy of the third-party review, and any other documentation related
to the guarantee; and
(6) Issuer Board resolution(s) authorizing the issuance
of a lease purchase or other obligations adopted no earlier than one
year prior to the date the lease-purchase application is submitted
to the bond finance office.
(d) An application for all state securities other than
lease-purchase agreements to be deemed complete must include, but
is not limited to:
(1) a completed state debt application in the form
required by the bond finance office;
(2) documentation that all necessary approvals of the
issuance of the state securities or the project to be financed with
the proceeds of the state securities have been obtained from the appropriate
state boards or state agencies except:
(A) the approval of the state securities by the Attorney
General; and
(B) environmental approvals and permits;
(3) if a blind pool financing, a copy of the demand
survey or justification indicating reasonable expectation to lend
proceeds;
(4) a substantially complete draft or summary of the
proposed resolution, order, or ordinance providing for the issuance
of the state security;
(5) most recent draft copy of the preliminary official
statement, if such a statement is required for the issuance of the
securities;
(6) proposed cash flow;
(7) proposed draw schedule, if applicable;
(8) proposed sources and uses statement;
(9) timetable of the financing;
(10) derivatives program summary, in the form required
by the bond finance office, if applicable;
(11) Board memorandum for the proposed transaction
prepared for issuer's governing board; and
(12) Issuer Board resolution(s) authorizing the issuance
of bonds or other obligations adopted no earlier than one year prior
to the date the state debt application is submitted to the bond finance
office.
(e) Applications to authorize the issuance of a state
security in the form of commercial paper notes or for the approval
of program proceedings authorizing the periodic issuance of commercial
paper notes shall contain the information required by subsection (d)
of this section to the extent it is available or capable of being
determined.
(f) Unless exempt by statute from Board approval, commercial
paper notes to fund any project or projects that will be permanently
financed with tuition revenue bonds or general revenues of the state
may not be issued unless the issuance of the notes, or the project
or projects, have been specifically approved by the Board.
(g) At any time before the date for consideration of
an application by the Board, an applicant may withdraw the application.
Revisions to an application must be submitted in writing not less
than 72 hours prior to the Board meeting.
(h) A member of the Board or bond finance office staff
may require additional information to be submitted with respect to
a complete notice of intent or application for state securities.
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| Source Note: The provisions of this §181.3 adopted to be effective August 10, 1988, 13 TexReg 3755; amended to be effective June 26, 1989, 14 TexReg 2901; amended to be effective September 26, 1990, 15 TexReg 5362; amended to be effective October 11, 1994, 19 TexReg 7711; amended to be effective February 27, 2002, 27 TexReg 1335; amended to be effective September 18, 2003, 28 TexReg 8133; amended to be effective April 9, 2008, 33 TexReg 2828; amended to be effective February 8, 2012, 37 TexReg 501; amended to be effective December 2, 2019, 44 TexReg 7398; amended to be effective October 13, 2021, 46 TexReg 6946 |
