Texas Bond Review Board Strategic Plan: Fiscal Years 2013-2017 Page: 15
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Other statutory changes could have an impact on the BRB. Statutory changes affecting the Private
Activity Bond Allocation Program that are designed to either make policy changes or to clarify the
current statute are frequently introduced during legislative sessions. With the passage of Senate Bill
(SB) 2064 during the 81St Legislative Session, improvements were made to the program by providing
issuers with increased flexibility during difficult market conditions such as those experienced during
fiscal 2009. In addition, SB 2064 increased the responsibilities of the BRB in connection with the
announcement of new federal bond programs.
The 82nd Legislature 1St Called Special Session enacted Senate Bill (SB) 5 that exempts from BRB
approval debt issued by higher education institutions with a credit rating of AA- or higher. Although
this change has reduced the time needed for oversight of debt issued by most higher education
institutions, this workload reduction has been more than offset by workload increases caused by
staff reductions from budget cuts. In addition, staff reductions have accelerated the need for agency
cross-training, especially to support the local government strategy. The workload in that strategy has
increased because of the increased number of local debt issuances and the additional interest in the
area generated with the increased amount of local debt incurred during the economic downturn and
related budgetary shortfalls.
Impact of Current and Outstanding Court Cases
As of June 2012 the agency has no current or outstanding court cases.
Impact of Local Governmental Requirements
Statutory changes to reporting requirements for local government bond issuers have facilitated data
collection for the local government strategy. The Public Finance Division of the Attorney General's
Office receives the transcripts for all state and local debt issued in the state, and pursuant to Chapter
1202.008, Texas Government Code, data for most local government issues is provided to the BRB
for inclusion in the BFO's databases.
Self-Evaluation and Opportunities for Improvement
The BRB is recognized for being responsive to requests for information and for its reports.
However, because the agency must manage significant amounts of data for its analysis and reporting
activities, staff must continually develop and refine procedures and systems that facilitate these
processes. In this connection staff must receive periodic training to maintain and enhance critically
needed skills and knowledge in this important area.
Oversight of State Bond Issuance
The BRB's oversight responsibility was developed to ensure that Texas state debt is issued in a cost-
effective manner supported by sound debt-management policies that protect the state's credit
ratings. The agency has no oversight over local debt issuance.
In August 2009, Standard & Poor's upgraded the state's general obligation debt from AA to AA+.
S&P cited the state's strong and diverse economy coupled with its projected surplus in the state's
Rainy Day Fund of $9.0 billion. In March 2010, Fitch and Moody's recalibrated their municipal
ratings that resulted in Texas receiving an upgrade to AAA from AA+ from Fitch and an upgrade to
Aaa from Aal from Moody's. No subsequent ratings changes have been made.15
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Texas Bond Review Board. Texas Bond Review Board Strategic Plan: Fiscal Years 2013-2017, book, July 2, 2012; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth531984/m1/18/?q=%22%22~1: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.