With the exception of Tax Revenue Anticipation Notes, State Highway Fund Revenue Anticipation Notes, Permanent University Fund issuances
and non-general obligation issuances by university systems that have an unenhanced long-term rating of at
least AA- or its equivalent, the Texas Bond Review Board (BRB) is responsible for the approval of all
state debt issues and lease purchases with an initial principal amount of greater than $250,000 or a term
of longer than five years.
On March 19, 2020, the board approved an emergency rule
(Rule 181.11) allowing all state debt issuers requiring
approval to follow the exempt approval process for the
next 120 days. This emergency rule is implemented as a
result of the Governor's declaration of a statewide
emergency over the coronavirus (COVID-19).
Click here for the rule language.
Certain state securities may be exempted from having to appear before the Board for formal approval.
Click here to view a list of exemptions per Texas Administrative Code,
If the transaction qualifies as exempt, click here to proceed to the Notice of Intent
Application for Exempt Issuers. Once a completed Notice of Intent Application has been received, the transaction will be reviewed by the
Board during its six-business-day review period.
If the transaction does not qualify as exempt, a formal application must be submitted, preceded by a
Notice of Intent to Issue Debt. Click here
to complete the Notice of Intent Application for Non-exempt Issuers. Once notified of your intent to issue debt, the Board Staff
will place the item on the Agenda for the next scheduled Board Meeting.