Education
A Report on Certification of the Permanent School Fund's Bond Guarantee Program
April 2001
Report Number 01-028
Overall Conclusion
We certify that the amount of bonds guaranteed by the Permanent School Fund Bond Guarantee Program (Program) is within the limit prescribed by Texas Education Code, Section 45.053(a). As of August 31, 2000, the Program guaranteed $19,465,822,840 in bonds, or approximately 57.9 percent of the statutory limit. The maximum amount allowable for guarantee was $33,602,740,378. In fiscal year 1999, this ratio was 60.4 percent. This certification is required by Texas Education Code, Section 45.053(b). The Program was created as a means for school districts to improve the credit rating and marketability of their bonds.
Key Facts and Findings
- It appears that legislative action is not required at this time
- Two regulations set maximums for the amount of bonds the Fund can guarantee
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