June 2021 Committee on School Finance/Permanent School Fund Item 10
Selection of Qualified Respondents to the Request for Qualification for Outside Counsel for the State Board of Education and the Texas Permanent School Fund Fiduciary, Investment Contracting, Real Estate, Tax and Disclosure Counsel
June 25, 2021
COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: ACTION
STATE BOARD OF EDUCATION: CONSENT
SUMMARY: This item provides an opportunity for the committee and board to review and approve a list of qualified candidates who responded to the request for qualification (RFQ) 701-21-004 for outside legal counsel for the State Board of Education (SBOE) and the Texas Permanent School Fund fiduciary, investment contracting, real estate, tax and disclosure counsel.
STATUTORY AUTHORITY: Texas Constitution, Article VII, §2 and §5; 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 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: At the November 2020 meeting, the board approved the issuance of a RFQ for fiduciary, investment contracting, real estate, tax and disclosure counsel.
BACKGROUND INFORMATION AND JUSTIFICATION: At the June 2017 meeting, the SBOE approved the list of qualified respondents available for contracting. 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