34 Tex. Admin. Code § 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;
(6) proposed cash
flow;
(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.
Notes
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