April 2021 Committee on School Finance/Permanent School Fund Item 13

Review the Processes That Consider Board Member Nominees for State Board Positions

April 16, 2021

COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND:  ACTION
STATE BOARD OF EDUCATION:  CONSENT

SUMMARY:  This item provides an opportunity for the committee and board to review the processes that consider board member nominees for state board positions.

STATUTORY AUTHORITY: Texas Constitution, Article VII, §2 and §5, and 19 Texas Administrative Code (TAC) Chapter 33.

The Texas Constitution, Article VII, §2 and §5 establish the permanent school fund, the assets that comprise the permanent school fund, the bond guarantee program, the available school fund, and authorize the State Board of Education (SBOE) to manage and invest the permanent school fund in accordance with the prudent person standard.

Administrative rules found in 19 TAC Chapter 33 provide a statement of investment objectives, policies, and guidelines of the Texas Permanent School Fund and Bond Guarantee Program as adopted by the SBOE.

The full text of statutory citations can be found in the statutory authority section of this agenda.

BACKGROUND INFORMATION AND JUSTIFICATION:  None

Staff Member Responsible: 
Holland Timmins, Executive Administrator and Chief Investment Officer, Texas Permanent School Fund