The Public Finance Division reviews proceedings for all bonds, public securities, and similar obligations issued by state agencies, cities, counties, school districts, municipal utility districts, hospital districts, institutions of higher education, and all other governmental entities or instrumentalities of the state, plus certain nonprofit corporations created to act on behalf of political subdivisions. Pursuant to statute, if the OAG determines that the bonds have been authorized in accordance with law, the OAG shall approve the bonds.
The fee is equal to one-tenth of one percent of the principal amount of the public security to which the record of proceedings relates, or $9,500, whichever is less; provided the fee shall not be less than $750. Tex. Gov’t Code § 1202.004.
Transcripts for traditional bonds must be submitted to the Public Finance Division ten business days before closing. Transcripts for nonprofit corporations and for conduit bonds need to be submitted twelve business days before closing. For calculation of deadlines, please refer to 1 Tex. Admin. Code §53.16(j).
Substantially complete initial bonds are due at least five business days before the closing date. 1 Tex. Admin. Code §53.16(c).
In general, preliminary approval letters are sent five business days before the closing date, provided the transcript was submitted in substantially final form. 1 Tex. Administrative Code §53.16(d)
If all requirements are met, bonds and opinions will be released two business days before the closing date. For bonds being purchased by the Texas Water Development Board, bonds and opinions will be released five business days prior to closing.
If your transcript has already been submitted and assigned to a reviewing attorney, you may contact that attorney directly. If your bond transaction has not yet been submitted, you may call the Public Finance Division main line at 512-475-2929, and your call will be transferred to the attorney on call.
Please provide a table of contents and tabs to separate the contents of the bond transcript. The tabs should be in sequential order. A bond transcript is to be submitted in an expanding file folder. Transcript page size is not to exceed 8.5 by 11 inches and each line shall be legible. Documents such as maps should be folded to fit the 8.5 by 11- inch requirement. Texas Administrative Code §53.2.
These requirements are listed in Rule §53.3 and §53.16 of the Texas Administrative Code. These rules are accessible through Title 1: Administration/Part 3: Office of the Attorney General/Chapter 53: Municipal Securities/Subchapter A: Approval of Municipal Securities by Attorney General/Rule §53.3: Content of Transcripts and §53.16: Submission and Approval of Transcripts. See also Subchapter A of the Texas Administrative Code, in general.