November 2020 Committee on School Finance/Permanent School Fund Item 10

Authorization to Issue a Request for Qualifications for Fiduciary, Investment Contracting, Real Estate, Tax and Disclosure Counsel for the Permanent School Fund

November 20, 2020

COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND:  ACTION
STATE BOARD OF EDUCATION:  CONSENT

SUMMARY:  This item provides the opportunity for the committee and board to approve the issuance of a request for qualifications for fiduciary, investment contracting, real estate, tax and disclosure counsel for the Permanent School Fund. 

STATUTORY AUTHORITY:  Texas Constitution, Article VII, §2 and §5; 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.

19 TAC Chapter 33 codifies administrative rules that 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:  The provision in the current contract for legal counsel will expire on August 31, 2021.

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