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An Audit Report on Certification of the Permanent School Fund's Bond Guarantee Program for Fiscal Year 2010

May 2011

Report Number 11-031

Overall Conclusion

The State Auditor's Office certifies that, for the fiscal year ended August 31, 2010, the amount of school district bonds guaranteed by the Permanent School Fund's (Fund) Bond Guarantee Program (Program) was within all three limits applicable to the Program. As of August 31, 2010, the total principal of the 2,452 outstanding bond issues guaranteed by the Program was $49.3 billion. Also as of that date, the bond guarantee capacity of the Program under the state limit was $71.0 billion, and the State Board of Education (Board) held in reserve $3.5 billion of that capacity. The bond guarantee capacity under the Internal Revenue Service (IRS) limit was $117.3 billion.

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