(a) All issuers of state securities must file state
debt issuer reports electronically or in original format 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, but are
not limited to:
(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.
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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; amended to be effective December 2, 2019, 44 TexReg 7398; amended to be effective October 13, 2021, 46 TexReg 6946 |