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State Debt: Getting Board Approval

How a state issuer gets Board approval for state debt or a lease purchase: notice of intent, application, meeting and final report.

What the Board approves

BRB approves state debt issues and lease purchases with an initial principal amount greater than $250,000 or a term longer than five years.

Four kinds of debt are outside this approval: Tax Revenue Anticipation Notes, State Highway Fund Revenue Anticipation Notes, Permanent University Fund issuances, and non-general obligation issuances by university systems with an unenhanced long-term rating of at least AA- or its equivalent.

The Board can also grant an exemption from review.

Texas' general obligation debt is rated Aaa/AAA/AAA/AAA by Moody's Investors Service, Standard & Poor's, Fitch Ratings and Kroll.

The four steps

BRB's forms page lists every form you need, from the letter of intent to the application to final reporting.

  • Step 1: Send a notice of intent.
  • Step 2: File an application for Board approval.
  • Step 3: Go through the planning session and the Board meeting.
  • Step 4: File a final report after the issue closes.

Step 1: Notice of intent (non-exempt issuers)

A written notice of intent must come before an application for Board approval.

Send it no later than 12 business days before the scheduled planning session.

The notice must contain, but is not limited to, the items below.

Non-exempt issuers send the notice through BRB's online form.

  • A brief description of the proposed issuance, including the purpose, the tentative amount, and a brief outline of the proposed terms.
  • The proposed timing of the issuance, with a tentative sale date and closing date.
  • A request to have the debt issuance or lease purchase scheduled for a specified monthly meeting.
  • An agreement to submit the required application no later than 10 business days before the scheduled planning session.

What the non-exempt notice form asks for

BRB's Notice of Intent web page for non-exempt issuers (last updated May 19, 2025) has a form with the fields below.

That page says you must click the "Submit Letter of Intent" button to submit the form. By clicking, you agree to submit the required application no later than 10 business days before the scheduled planning session.

After you click, you should reach a Thank You page. If you do not, the page says to call BRB staff at (512) 463-1741 to submit your letter of intent manually.

  • Name of Agency
  • BRB Board Meeting Date
  • Debt Issue Title (1,000 characters max.)
  • Legal Statute (250 characters max.)
  • Par Amount (Not to Exceed)
  • Anticipated Date of Sale
  • Anticipated Closing Date
  • Contact Name, Title, Phone and Email
  • Contact Street, City, State and Zip Code

Step 1: Notice of intent (exempt issuers)

Exempt issuers, as Section 181.9 of the BRB Rules defines them, must submit a Notice of Intent form to BRB.

Email all the information the form asks for to State Debt Analysts.

The Notice of Intent must contain, but is not limited to, the items below.

If BRB receives the Exempt Issuer Notice of Intent before the final date for posting the next planning session or Board meeting agenda, the transaction goes on the agenda for the next planning session and Board meeting.

The Board considers the transaction for exempt treatment under Section 181.9 once the requirements are met.

If the exempt process finishes before the posted meetings, BRB removes the transaction from future agendas.

If the Board must consider the transaction at the meetings, BRB treats the Notice of Intent as an application under Section 181.3.

BRB's response time starts only when staff have all the information the Exempt Issuer Notice of Intent asks for, including any extra clarifying or corrective information, and the application has been forwarded to the Board under Section 181.9.

BRB staff tell the exempt issuer when the response time has begun.

  • A completed Exempt Issuer Notice of Intent.
  • Proposed debt service schedule and bond summary statistics.
  • Proposed cash flow schedule.
  • Proposed Sources & Uses of funds statement.
  • Timetable of the financing.
  • Evidence that all necessary approvals for the issuance or the project are in hand, including authorization of the issuer's board to proceed. A Board minute order and resolution are examples.

Step 2: Application for Board approval

An officer or entity proposing to issue state debt with an initial principal amount greater than $250,000 or a financing term longer than five years must apply for BRB approval. The exception is an exemption from review that the Board has granted.

File an electronic copy of the state debt application with an authorized signature. Or file one application form with an original signature and eleven (11) copies.

The application is due no later than 10 business days before the scheduled planning session to discuss it.

The Board considers a late application at the regular meeting only with the approval of the governor or two or more board members.

Include any additional information the application form asks for. You may add any other relevant information.

Send any revisions in writing at least 72 hours before the board meeting.

You may withdraw an application at any time before the day of the board meeting.

Which application form to use

Use the State Debt Application for any state debt issuance other than a lease-purchase agreement. If the debt relates to an energy savings performance contract (ESPC), also submit an ESPC Application and an ESPC Addendum.

Use the State Lease Purchase Application to request approval of a lease-purchase agreement. If the lease purchase relates to an ESPC, also submit an ESPC Application.

BRB advises lease purchase applicants not to execute purchase orders before Board approval. If the Board does not approve the application, the applicant may owe cancellation or restocking fees.

All ESPCs must receive all required approvals before the applicant submits a lease purchase application to the Board.

Step 3: Planning session and Board meeting

The Board holds a planning session on or before the second Tuesday of alternate months.

The Board holds its meeting on the Thursday following the third Tuesday of alternate months.

The Board can change these dates at its discretion.

Rule, 34 TAC 181.4: Approvals generally last one year. An application that the Board does not act on lapses after 45 days or at the next meeting.

Step 4: Final report

Send a final transaction report within 60 days of the closing of the debt issue. See the final report forms page for the forms and the attachments to send.

Rule facts for exempt issuers

Rule, 34 TAC 181.9: The exemptions cover some housing conduit issuers, charter school conduit issuers, self-supporting programs, and refundings that reach 3 percent net present value savings (advance) or 2 percent (current). Exempt issuers still file a notice of intent and a final report. Board members have 6 business days to require formal approval.

All state debt forms

Questions

Send questions or comments to State Debt Analysts. You can also call BRB at (512) 463-1741.

Content from BRB's pages, captured 2026-10-03: https://www.brb.texas.gov/state-of-texas-debt/; https://www.brb.texas.gov/applying-for-approval-of-debt-issuance/; https://www.brb.texas.gov/application-for-board-approval-of-state-bond-issuance/; https://www.brb.texas.gov/forms/; https://www.brb.texas.gov/notice-of-intent-to-issue-state-debt-or-enter-into-a-lease-purchase-agreement/; https://www.brb.texas.gov/notice-of-intent-to-issue-debt/; https://www.brb.texas.gov/notice-of-intent-to-issue-debtexempt-issuers-only/; https://www.brb.texas.gov/notice-of-intent-application-and-reporting-forms/; https://www.brb.texas.gov/state-forms/; https://www.brb.texas.gov/final-report-forms/; https://www.brb.texas.gov/calendar/