Ken Paxton

School District Obligations and Other Matters - September 15, 1993

Dan Morales

September 15, 1993

To All Bond Counsel:

Re: School District Obligations and Other Matters

1. School District Obligations

As you are all aware, Judge McCown on August 31, 1993 signed an Interlocutory Order staying the injunction provided for in the Revised Interlocutory Order of March 3, 1992, until further order of the court. Therefore, this office will continue to review and approve school district obligations complying with the criteria set forth in our All Bond Counsel Letter of July 13, 1993, unless and until there is an adverse court action with respect to S.B. 7, Acts of 73rd Legis., Reg. Sess. (1993).

2. Timing Requirements

Our extended timing requirements are still in effect and will remain in effect until you are otherwise notified: A standard or traditional transcript must be submitted fifteen (15) business days and a conduit transcript seventeen (17) business days prior to the date of closing or requested approval. Please be reminded that a transcript will not be treated as meeting these minimum timing requirements unless it includes substantially all items required by our rules and past practice; if unexecuted documents are submitted, they must be in substantially final form.

3. Responses to Legal Questions and Other Matters

As most of you know, I will not be in the office after Wednesday, September 15, 1993; Jim Thomassen will assume his position as Chief of the Public Finance Division in late October. In the interim, Terri Whitfield will be in charge.

In view of the high volume of transcripts that continue to be submitted, the personnel changes and our limited resources, I would like to emphasize and reiterate our present inability to make determinations regarding novel or otherwise complicated transactions or reexamine prior positions taken by this office or respond to other than routine questions or those involving past practices of this office.

Please also note that we are presently scheduled to move to the William P. Clements Building, 300 West 15th Street, on or about October 15, 1993. We will advise you of our new telephone number and suite number as soon as we know.

Finally, attached for your information is a list of the State holidays for fiscal year 1994.

Please distribute a copy of this letter to all interested members of your firm.


Sheela Rai
Assistant Attorney General

Chief, Public Finance Section