August 13, 1991
To All Bond Counsel:
RE: Approval of School Bonds After August 30, 1991
This office will continue the review and approval of school bonds after August 30, 1991, and will continue reviewing and approving such bonds unless and until such time as there is adverse court action with respect to the constitutionality of S.B. 351, H.B. 2885 or other applicable school finance law as relates to the issuance of bonds.
Please note, however, that the Attorney General approving opinion is rendered on the basis of existing law at the time of approval. In particular, school bond opinions rendered after August 30, 1991 will disclose that there is litigation pending challenging the constitutionality of the school finance statutory framework, and that an adverse decision by the Texas Supreme Court, or by the district court as to certain outstanding matters, could possibly affect the security for the bonds.
Please additionally note that, because of the heavy volume of transcripts, we are strictly adhering to the ten working day requirement for traditional transcripts. Thus, for a financing to close on August 29 or August 30, the transcript must be in this office by 5:00 p.m. August 15 or August 16, respectively.
Assistant Attorney General
Chief, Public Finance Section