LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION April 8, 2011 TO: Honorable Florence Shapiro, Chair, Senate Committee on Education FROM: John S O'Brien, Director, Legislative Budget Board IN RE:SB1543 by Wentworth (Relating to the authority of independent school districts to invest in corporate bonds.), As Introduced No fiscal implication to the State is anticipated. Local Government Impact The bill would authorize school districts with a student population of at least 50,000 in average daily attendance to invest in corporate bonds, debentures, and similar debt obligations as long as these products received a qualified rating from a nationally recognized investment rating firm. According to the Texas Education Agency there are currently 14 school districts that have 50,000 or more students in average daily attendance. Fiscal implications for affected school districts would vary depending upon local investment decisions. Source Agencies:701 Central Education Agency LBB Staff: JOB, LXH, JSp
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
April 8, 2011
TO: Honorable Florence Shapiro, Chair, Senate Committee on Education FROM: John S O'Brien, Director, Legislative Budget Board IN RE:SB1543 by Wentworth (Relating to the authority of independent school districts to invest in corporate bonds.), As Introduced
TO: Honorable Florence Shapiro, Chair, Senate Committee on Education
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: SB1543 by Wentworth (Relating to the authority of independent school districts to invest in corporate bonds.), As Introduced
Honorable Florence Shapiro, Chair, Senate Committee on Education
Honorable Florence Shapiro, Chair, Senate Committee on Education
John S O'Brien, Director, Legislative Budget Board
John S O'Brien, Director, Legislative Budget Board
SB1543 by Wentworth (Relating to the authority of independent school districts to invest in corporate bonds.), As Introduced
SB1543 by Wentworth (Relating to the authority of independent school districts to invest in corporate bonds.), As Introduced
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
Local Government Impact
The bill would authorize school districts with a student population of at least 50,000 in average daily attendance to invest in corporate bonds, debentures, and similar debt obligations as long as these products received a qualified rating from a nationally recognized investment rating firm. According to the Texas Education Agency there are currently 14 school districts that have 50,000 or more students in average daily attendance. Fiscal implications for affected school districts would vary depending upon local investment decisions.
Source Agencies: 701 Central Education Agency
701 Central Education Agency
LBB Staff: JOB, LXH, JSp
JOB, LXH, JSp