Texas Permanent School Fund Bond Guarantee Program
Committee of School Finance/Permanent School Fund September 2013
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“To guarantee bonds issued by school districts or by the state for the purpose of making loans to or purchasing the bonds of school districts for the purpose of acquisition, construction, or improvement of instructional facilities including all furnishings thereto.” –
State of Texas Constitution, Article VII, Section V (2)(d)
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Bond Guarantee Program
Mission
Established 1983 by Texas Constitutional Amendment
Bonds are fully guaranteed by the corpus of the Permanent School Fund
Guarantee Capacity is Limited
IRS Limit
Statutory Limit
Since inception TPSF has guaranteed 5,227 issues
Currently there are 2,796 bonds outstanding
*07/31/2013
No district has ever defaulted
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Bond Guarantee Program
Overview
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