Texas Public Finance Authority:

An Inventory of Public Finance Authority Records at the Texas State Archives, 1987-2004

Agency History

In 1983, the 68th Texas Legislature (Senate Bill 1355, Regular Session) created the Texas Public Building Authority to issue revenue bonds to finance the construction, renovation, or repair of buildings and other structures for use by state agencies in Travis County.

In 1987, the agency was renamed the Texas Public Finance Authority (Senate Bill 64, 70th Texas Legislature, 2nd Called Session). Its mission was broadened to include the issuance of State of Texas general obligation bonds to finance the construction, purchase, renovation, or repair of correctional and mental health facilities operated by the Texas Department of Mental Health and Mental Retardation throughout the state and to include the issuance of revenue bonds to finance the purchase of buildings and other facilities if the General Services Commission determined that purchase was economically feasible.

In 1989 (Senate Bill 558, 71st Texas Legislature, Regular Session) the legislature also authorized the agency to issue bonds or other obligations to finance the purchase of equipment by state agencies. In 1991, the 72nd Texas Legislature, 1st Called Session (Senate Bill 3), consolidated bond issuance authority for the Texas National Research Laboratory Commission, Texas Parks and Wildlife Department, Texas National Guard Armory Board, and Texas State Technical College System under the Texas Public Finance Authority. The Authority has also issued general obligation bonds for the Texas Department of Criminal Justice, the Texas Youth Commission, the Texas Department of Public Safety, the Texas Parks and Wildlife Department, the Texas National Research Laboratory Commission (the "Superconducting Super Collider Project") and the Texas Juvenile Probation Commission.

The 74th Texas Legislature (House Bill 1441, Regular Session, 1995) amended the Authority's statute to allow for the issuance of up to $50 million of revenue bonds or other revenue obligations for the financing of alternate fuels conversions and infrastructure projects. Both state agencies and local political subdivisions are eligible for this fuel financing. In May 1997, House Bill 1077, 75th Texas Legislature, Regular Session, was passed. Effective on September 1, 1997, the bill granted the Authority exclusive bond issuing authority for the Texas Low Level Radioactive Waste Disposal Authority, Midwestern State University, Stephen F. Austin University, and Texas Southern University. Furthermore, the Appropriations Act for the 1998-1999 biennium, effective September 1, 1997 authorized the Authority to issue revenue bonds on behalf of the Texas State Preservation Board for the museum project.

In 1999 (House Bill 3157, 76th Texas Legislature, Regular Session) the Authority was given the power to issue bonds on behalf of certain joint power municipal utilities to finance their stranded costs.

Before the Authority may issue bonds for the acquisition or construction of a building, the Legislature must have authorized the acquisition and construction of the building for which the bonds are to be issued and the estimated cost of the acquisition or construction of the building, or the maximum amount of bonded indebtedness, that may be incurred by the issuance of bonds. The Texas Supreme Court, in Texas Public Building Authority v. Mattox, 686 S.W.2d 924 (1985), ruled that revenue bonds issued by the Authority do not constitute debt of the State within the meaning of the Texas Constitution.

The Texas Public Building Authority was originally composed of three members (Senate Bill 1355, 68th Texas Legislature, Regular Session); the number of members of the Texas Public Finance Authority was raised to six in 1991 (Senate Bill 3, 72nd Texas Legislature, 1st Called Session), and to seven in 2001 (House Bill 2153, 77th Texas Legislature, Regular Session). Members are appointed by the governor, with advice and consent of the senate, for overlapping six-year terms.

As of April 4, 1996, the Public Finance Authority had issued $1,140,092,603 in revenue bonds, $3,025,005,000 in State of Texas general obligation bonds, $133,500,000 in revenue commercial paper, and $719,300,000 in general obligation commercial paper. Of these amounts, $1,317,374,401 were refunding bonds. By 1998-1999, the Authority had 15 full time equivalent employees, in addition to the six member board of directors.

(Sources include: Guide to Texas State Agencies, 11th edition (2001); the agency web site (http://www.tpfa.state.tx.us/about.aspx), accessed September 2006; and the enabling legislation, 1983, 1987, 1989, 1991, 1995, 1999, 2001.)

Return to the Table of Contents

Scope and Contents of the Records

The Texas Public Finance Authority (successor to the Texas Public Building Authority), provides financing (revenue and/or general obligation bonds and other revenue obligations) for the construction, acquisition, renovation, or repair of facilities for State agencies; for the purchase of equipment for State agencies; and for alternate fuels conversions and infrastructure projects for State agencies. These records help document those functions. Records include minutes and meeting files, agenda, correspondence, memorandums of understanding, notes, reports, legislative records, press releases, journal articles, newspaper clippings, and transcripts of closing documents from the Texas Public Finance Authority, 1987-2004.

Texas Public Finance Authority minutes document in a thorough, but summary, fashion the official actions of the Board in its meetings. Topics covered include building projects and the purchase of property, insurance coverage for building projects, selection of underwriters, issuance of revenue bonds, selection of financial advisors, and various administrative and personnel matters. Correspondence of the Authority includes the executive and administrative correspondence between the agency and various state officials, offices, and agencies. Newspaper clippings range in date from 1987 to 1991. Transcripts consist of closing documents including authorizing, financing, and offering documents as well as certificates, opinions, and miscellaneous records for general obligation bonds, tax exempt general obligation commercial paper notes, equipment revenue and revenue refunding bonds, Texas National Guard Armory Board refunding and armory improvement revenue bonds, building revenue bonds, Texas Southern University revenue financing, and funding for projects of various other state agencies (Texas Parks and Wildlife Department, General Services Commission, State Preservation Board, the Superconducting Super Collider, the Texas Department of Criminal Justice, etc.). All of these transcript records are concerned with the bonds issued by the Public Finance Authority for the State of Texas.

Return to the Table of Contents

Return to the Table of Contents

Restrictions

Restrictions on Access

None.

Restrictions on Use

Most records created by Texas state agencies are not copyrighted and may be freely used in any way. State records also include materials received by, not created by, state agencies. Copyright remains with the creator. The researcher is responsible for complying with U.S. Copyright Law (Title 17 U.S.C.).

Technical Requirements

None.

Return to the Table of Contents

Return to the Table of Contents

Related Material

Return to the Table of Contents

Administrative Information

Preferred Citation

(Identify the item and cite the series), Texas Public Finance Authority records. Archives and Information Services Division, Texas State Library and Archives Commission.

Accession Information

Accession Numbers: 1992/074, 1993/005, 1994/018, 1994/049, 1994/078, 1996/086, 1997/100, 1998/074, 1998/082, 1998/139, 1998/181, 1999/062, l999/068, 1999/124, 2000/070, 2000/135, 2001/092, 2001/146, 2002/123, 2002/137, 2002/156, 2003/166, 2004/175, 2004/213, 2007/023, 2007/024

These records were transferred to the Archives and Information Services Division of the Texas State Library and Archives Commission by the Texas Public Finance Authority on March 3, 1992; September 21, 1992; October 19, 1993; December 27, 1993; March 10, 1994; June 2, 1994; June 23, 1994; July 1, 1994; September 1, 1994; November 14, 1994; April 7, 1995; March 27, 1996; June 20, 1996; March 23, 1997; September 3, 1998; February 5 and 17, 1998; June 1 and 19, and July 6, 1998; September 21, 1998; December 3, 1998; March 3, 12, and 18, 1999; December 1, 1999; March 27, 2000; January 19, 2001; August 8, 2001; April 4, 2002; May 22, 2002; June 2, 2003; and September 21, 2006; and by the Texas Legislative Reference Library on July 29, 2002; June 23, 2004; August 18, 2004; and September 21, 2006.

Processing Information

Paul B. Beck, October 1993, April 1994

Lisa M. Hendricks, March 1996, June 1996, April 1997, February 1998, May 1998, February 1999

Nancy Enneking, June 1999, March 2000, August 2001, July 2002

Tony Black, September 2006

Other Formats for the Records

The Texas Public Finance Authority has mounted its recent agenda and minutes in PDF format on the agency web site (http://www.tpfa.state.tx.us/agenda.aspx).

Location of Originals

The record copies of minutes and agenda are maintained by the Texas Public Finance Authority.

Return to the Table of Contents

Detailed Description of the Records

Return to the Table of Contents

Return to the Table of Contents

Return to the Table of Contents