Next Review Date: 2028-2029 Review Cycle - 91st Legislative Session
Last Review Cycle: 2010-2011 Review Cycle - 82nd Legislative Session
Final Results of Last Sunset Review
The State of Texas sells millions of dollars in bonds to finance projects as wide-ranging as building construction, cancer research, and major technology purchases. Rather than every state agency going out on its own to issue and market bonds, the Legislature has centralized much of the State’s debt issuance into one agency, the Texas Public Finance Authority (TPFA). TPFA’s main role is to costeffectively issue bonds and service debt for 23 state agencies and universities that generally use debt financing infrequently and lack in-house bond expertise.
House Bill 2251 continues TPFA for 12 years. The Legislature adopted all but one of the Sunset Commission’s recommendations and voted to make the legislation effective immediately, maximizing the fiscal savings provided by the bill. A list of the bill’s major provisions follows.
- Continue the Texas Public Finance Authority for 12 years.
- Remove a multi-million dollar obstacle to efficiently issuing state debt for cancer research bonds.
- Provide flexibility to state colleges and universities to use TPFA when cost-efficient.
- Make the bill effective immediately.