Financing agreements. The Board had a process and related controls to ensure that SWIFT program financing agreements and local bond ordinances and resolutions
included terms and provisions that conformed to the Board’s administrative rules and the Board’s authorizing resolution.
Closing and release of funds. The Board had a process and related controls to ensure that SWIFT program financing recipients substantially complied with requirements
for closing and release of funds in the Board’s administrative rules and resolutions.
However, the Board did not have a process to ensure that financing recipients provided transcripts of closing proceedings within the 60-day time frame required by Title 31,
Texas Administrative Code, Section 363.42(b).
Checklists. The Board did not have an adequate monitoring process to ensure that its review of compliance with SWIFT program closing and release of funds requirements was complete and accurate.
Specifically, the Board requires staff to complete checklists in TxWISE to document that review; however, staff did not always complete those checklists or ensure that they completed all checklist items.
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