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.
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.