Section 181.3 - Application for Board Approval of State Securities Issuance(a) An officer or entity may not issue state securities unless the issuance has been approved by the Board or exempted under law, including by Board rule, from review by the Board. An officer or entity that has not been granted an exemption by statute or Board rule from review by the Board and that proposes to issue state securities shall apply for Board approval by filing an electronic copy, with an authorized signature, of the state debt application or one state debt application with original signatures and eleven copies with the Executive Director of the bond finance office. The Executive Director of the bond finance office shall forward copies of the application to each member of the Board and to the Office of the Attorney General.(b) Applications must be filed with the bond finance office no later than ten business days prior to the regularly scheduled planning session. Applications filed after that date will be considered at the regular meeting only with the approval of the Chair or two or more members of the Board.(c) An application for approval of a lease-purchase agreement to be deemed complete must include, but is not limited to:(1) a completed lease purchase application form in the form required by the bond finance office;(2) documentation that all necessary approvals of the issuance of the lease purchase have been obtained from the appropriate state boards or state agencies except: (A) the approval of the state securities by the Attorney General; and(B) environmental approvals and permits;(3) draw schedule, if applicable;(4) proposed amortization schedule;(5) if the lease purchase is for the acquisition of energy conservation measures, which are subject to a guaranteed energy savings contract, a copy of the proposed contractual agreement, a copy of the third-party review, and any other documentation related to the guarantee; and(6) Issuer Board resolution(s) authorizing the issuance of a lease purchase or other obligations adopted no earlier than one year prior to the date the lease-purchase application is submitted to the bond finance office.(d) An application for all state securities other than lease-purchase agreements to be deemed complete must include, but is not limited to:(1) a completed state debt application in the form required by the bond finance office;(2) documentation that all necessary approvals of the issuance of the state securities or the project to be financed with the proceeds of the state securities have been obtained from the appropriate state boards or state agencies except: (A) the approval of the state securities by the Attorney General; and(B) environmental approvals and permits;(3) if a blind pool financing, a copy of the demand survey or justification indicating reasonable expectation to lend proceeds;(4) a substantially complete draft or summary of the proposed resolution, order, or ordinance providing for the issuance of the state security;(5) most recent draft copy of the preliminary official statement, if such a statement is required for the issuance of the securities;(7) proposed draw schedule, if applicable;(8) proposed sources and uses statement;(9) timetable of the financing;(10) derivatives program summary, in the form required by the bond finance office, if applicable;(11) Board memorandum for the proposed transaction prepared for issuer's governing board; and(12) Issuer Board resolution(s) authorizing the issuance of bonds or other obligations adopted no earlier than one year prior to the date the state debt application is submitted to the bond finance office.(e) Applications to authorize the issuance of a state security in the form of commercial paper notes or for the approval of program proceedings authorizing the periodic issuance of commercial paper notes shall contain the information required by subsection (d) of this section to the extent it is available or capable of being determined.(f) Unless exempt by statute from Board approval, commercial paper notes to fund any project or projects that will be permanently financed with tuition revenue bonds or general revenues of the state may not be issued unless the issuance of the notes, or the project or projects, have been specifically approved by the Board.(g) At any time before the date for consideration of an application by the Board, an applicant may withdraw the application. Revisions to an application must be submitted in writing not less than 72 hours prior to the Board meeting.(h) A member of the Board or bond finance office staff may require additional information to be submitted with respect to a complete notice of intent or application for state securities.34 Tex. Admin. Code § 181.3
The provisions of this §181.3 adopted to be effective August 10, 1988, 13 TexReg 3755; amended to be effective June 26, 1989, 14 TexReg 2901; amended to be effective September 26, 1990, 15 TexReg 5362; amended to be effective October 11, 1994, 19 TexReg 7711; amended to be effective February 27, 2002, 27 TexReg 1335; amended to be effective September 18, 2003, 28 TexReg 8133; amended to be effective April 9, 2008, 33 TexReg 2828; amended to be effective February 8, 2012, 37 TexReg 501; Amended by Texas Register, Volume 44, Number 48, November 29, 2019, TexReg 7398, eff. 12/2/2019; Amended by Texas Register, Volume 46, Number 41, October 8, 2021, TexReg 6946, eff. 10/13/2021