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This item presents for second reading and final adoption proposed amendment to 19 TAC Chapter 33, Statement of Investment Objectives, Policies, and Guidelines of the Texas Permanent School Fund, §33.65, Guarantee Program for School District Bonds. The proposed amendment would modify the policies for administration of the school district bond guarantee program to comply with requirements related to the recent decision of the Internal Revenue Service to reopen the program and to align with the policies of the intercept program to provide credit enhancement for school district bonds that was established by the Texas Education Code (TEC), Chapter 45, Subchapter I, as added by Section 75 of House Bill (HB) 3646, 81st Texas Legislature, 2009. The proposed amendment would also modify the existing limitations on access to the guarantee and add explanations of the actions that would follow a default by a school district. Statutory authority for this action is TEC, §7.102(c)(33) and §45.063.
COMMITTEE - ACTION
Texas Government Code, §2001.039, establishes a four-year rule review cycle for all state agency rules, including State Board of Education (SBOE) rules. This item presents the adoption of the review of SBOE rules in 19 TAC Chapter 109, Budgeting, Accounting, and Auditing, Subchapters A-D. The rules being reviewed provide requirements for school districts relating to budgeting, accounting, financial reporting, and auditing; Texas Education Agency (TEA) audit functions; adoption by reference of the Financial Accountability System Resource Guide; and the uniform bank bid and depository contract. The statutory authority for the rule review is Texas Government Code, §2001.039. The statutory authority for 19 TAC Chapter 109 is Texas Education Code (TEC), §§7.102(c)(32), 44.001, 44.002, 44.007, and 44.008, for Subchapter A; TEC, §§7.102(c)(32), 44.001, 44.008, 44.010, and 42.152, for Subchapter B; TEC, §§7.055, 7.102(c)(32), 44.001, 44.007, and 44.008, for Subchapter C; and TEC, §§7.102(c)(34), 45.206, and 45.208, for Subchapter D.
COMMITTEE - ACTION
This item provides an opportunity for the committee to receive educational information about risk parity investment strategy.
COMMITTEE - DISCUSSION
Investment staff will report on the transactions executed during the month of February 2010 in the investment portfolio of the Texas Permanent School Fund.
COMMITTEE - DISCUSSION
This item provides an opportunity for the committee and board to consider approval of the purchases and sales of securities executed in the portfolio of the Permanent School Fund for the month of February 2010. Statutory authority for this action is the Texas Constitution, Article VII, §5(f).
COMMITTEE - ACTION Discussed with item #4. See above for clip.
This item provides an opportunity for the committee and board to review and consider possible real estate investments with Cornerstone Patriot Fund, INVESCO Core Real Estate – USA, LLC, J.P. Morgan U.S. Real Estate Income and Growth and UBS Trumbull Property Fund. Statutory authority for this action is the Texas Constitution, Article VII, §5(f).
COMMITTEE - ACTION
This item presents for second reading and final adoption proposed amendment to 19 TAC Chapter 33, Statement of Investment Objectives, Policies, and Guidelines of the Texas Permanent School Fund, §33.5, Code of Ethics. The proposed amendment would clarify and update the code of ethics policy. Statutory authority for this action is Texas Education Code (TEC), §43.0031, and the Texas Constitution, Article VII, §5(f).
COMMITTEE - ACTION Item consists of two clips. Second clip will play automatically, upon completion of the first.
This item provides the opportunity for the committee and board to review structural issues surrounding the absolute return asset class. Goldman Sachs is currently on the watch list and the committee will consider a range of opportunities to restructure, including possibly issuing an RFP. Statutory authority for this action is the Texas Constitution, Article VII, §5(f).
COMMITTEE - ACTION
This item provides the opportunity for the committee to review and discuss the charter facilities funding.
COMMITTEE - DISCUSSION
The Permanent School Fund executive administrator will report to the committee on matters relating to the management of the Permanent School Fund. The report will present information on historical and current status of Fund holdings, current and proposed investment policies and procedures, historical and current Fund performance and compliance. The administrator will update the board on the PSF distribution, the bond guarantee program, the status of requests for proposal or for qualifications and current contracts for services and other administrative activities undertaken on behalf of the board. The administrator will provide an analysis of current and future investment market conditions, focusing upon the impact on the holdings of the Permanent School Fund. The committee will direct investment staff regarding future agenda items.
COMMITTEE - DISCUSSION Item not discussed. |
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