September 2019 Committee of the Full Board Item 8

Planning for the Annual Meeting Between the State Board of Education and the School Land Board

September 13, 2019

COMMITTEE OF THE FULL BOARD: ACTION
STATE BOARD OF EDUCATION: CONSENT

SUMMARY:  This item provides an opportunity for the committee and board to plan for the annual meeting between the State Board of Education and the School Land Board.  

STATUTORY AUTHORITY:  Texas Constitution, Article VII, §2 and §5; Senate Bill (SB) 608, 86th Texas Legislature, 2019; and 19 Texas Administrative Code (TAC) Chapter 33.

The Texas Constitution, Article VII, §2 and §5 establish the permanent school fund, the assets that comprise the permanent school fund, the bond guarantee program, the available school fund, and authorize the State Board of Education (SBOE) to manage and invest the permanent school fund in accordance with the prudent person standard.

SB 608, 86th Texas Legislature, 2019 relating to the continuation and functions of the School Land Board was signed into law on June 7, 2019 and is effective on September 1, 2019.  SB 608 amends various sections of the Natural Resources Code. Section 4 of SB 608 provides that the State Board of Education and the School Land Board shall hold an annual joint public meeting.  

Administrative rules found in 19 TAC Chapter 33 provide a statement of investment objectives, policies, and guidelines of the Texas Permanent School Fund and Bond Guarantee Program as adopted by the SBOE. 

The full text of statutory citations can be found in the statutory authority section of this agenda.

PREVIOUS BOARD ACTION:  None.

BACKGROUND INFORMATION AND JUSTIFICATION:  None.

PUBLIC BENEFIT: The distribution of the Permanent School Fund will flow to the school districts and reduce the tax burden to the public and the state of Texas. 

PUBLIC COMMENTS:  None

Staff Members Responsible:
Holland Timmins, Executive Administrator and Chief Investment Officer, Texas Permanent School Fund