November 2020 Committee on School Finance/Permanent School Fund Item 11
Authorization to Issue a Request for Proposals for High Yield Bonds Discretionary Investment Managers 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 proposals for high yield bonds discretionary investment managers for the Permanent School Fund.
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: None
Staff Member Responsible:
Holland Timmins, Executive Administrator and Chief Investment Officer, Texas Permanent School Fund