Notice of Intent to Issue Debt
(Exempt Issuers Only)
The Texas Bond Review Board is responsible for approval of certain state bond issues and lease purchases with an initial principal amount greater than $250,000 or a financing term greater than five years.
Exempt issuers, as defined by Section 181.9 of the BRB Rules, are required to submit a Notice of Intent form to the Bond Review Board.
The Notice of Intent must contain but is not limited to:
- A completed Exempt Issuer Notice of Intent;
- Proposed debt service schedule and bond summary statistics;
- Proposed cash flow schedule;
- Proposed Sources & Uses of funds statement;
- Timetable of the financing;
- Evidence that all necessary approvals for the issuance of the state securities or the project to be financed, including authorization of the Issuer’s Board to proceed with the financing, have been obtained (i.e. Board minute order and resolution);
- All information requested on the Exempt Issuer Notice of Intent form should be emailed to State Debt Analysts.
If the Exempt Issuer Notice of Intent is received prior to the final date for posting the Bond Review Board’s next planning session or Board meeting agenda, then the transaction will be included on the agenda for discussion by the Bond Review Board at the next planning and Board meetings. Such transactions will be considered for Exempt treatment as provided in Section 181.9 of the Bond Review Board rules once the requirements for an Exempt Issuer Notice of Intent are satisfied. If the exempt process is successfully completed prior to the posted meetings, the transaction will be removed from any future agendas. Additionally, the Notice of Intent will be treated as an application for purposes of Section 181.3 of the Bond Review Board rules if it is required to be considered at the meetings.
The Bond Review Board’s response time will not begin until all the information specified in the Exempt Issuer Notice of Intent, including any supplemental clarifying or corrective information, has been received by the Bond Review Board staff and the application has been forwarded to the Board in accordance with Section 181.9 of the Bond Review Board rules. The Bond Review Board staff will notify the Exempt Issuer when the response time has begun.