Texas Bond Review Board

To view a list of November 5, 2024, bond election propositions by county click HERE.

The Texas Bond Review Board, created in 1987, is composed of the Governor, Lieutenant Governor, Speaker of the House of Representatives, and the Comptroller of Public Accounts. The legal authority of the agency is in Chapter 1231 and Chapter 1372 of the Texas Government Code. The agency’s mission is to ensure that debt financing is used prudently to meet Texas infrastructure needs and other public purposes, to support and enhance the debt issuance and management functions of state and local entities, and to administer the allocation of state private activity bonds.

The Texas BRB Data Center is an informative and educational tool for decision-makers and the general public to learn more about state and local government debt in Texas.

Texas BRB Data Center

The BRB publishes all reported state and local debt on the Texas Open Data Portal.    

Texas BRB Data Portal
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DEBT

Searchable Debt Databases
State Debt
Local Debt
Energy Conservation Bonds

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PAB

PAB Program Overview
Program Rules
2024 Program Year
2025 Program Year
Additional PAB Resources
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PUBLICATIONS

State Publications
Local Publications
Agency Publications
Statewide Capital Planning
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FORMS

State Forms
Local Forms

Meetings and Agendas


Meeting Resources

The BRB received an Exempt Issuer Notice of Intent Application for the following:

Texas Natural Gas Securitization Finance Corporation Customer Rate Relief Bonds Taxable Series 2022

For questions regarding exempt applications, please email Bond Review Board Staff

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State Debt Approval

Application Process

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.

 

Exempt Issuers Process

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, Chapter 181.9.

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.

 

Non-Exempt Issuers

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.

Private Activity Bond Allocation Program

PAB Notifications

Notice regarding the Start of the 2024 Program Year:
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The program year will start on January 2, 2024. Residential Rental Notification emails and Certificates of Reservation will commence. Traditional Carryforward applications will be accepted no earlier than 8:00 AM CST on January 2, 2024. Designation notifications for Traditional Carryforward applications from the 2023 Program Year will commence.
Notice regarding the March 1st Collapse:
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All Subceiling 4 Regional applications will collapse together on March 1st, 2024 and the line order for applications will be based on the Reordered Lottery Number for lottery applications and post-lottery applications will follow by order of receipt. Any next in-line Subceiling 4 HFC applications requesting a reservation based on the regional set-aside must receive their reservation by 5:00 PM CST on February 29, 2024 or the allocation will go towards the March 1st Collapse.
Notice regarding the June 1st Priority Shift:
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Starting June 1st, 2024, all lottery applications will be sorted in line based on the Shifted Lottery Number, in order to account for the subsequent prioritization of Priority 1D applications, and post-lottery applications will follow by order of receipt. Any next in-line applications requesting a reservation based on the Reordered Lottery Number line-order must receive their reservation by 5:00 PM CST on May 31, 2024 or the allocation will go towards the next in-line application based on the Shifted Lottery Number starting June 1st.
Notice regarding the August 7th Collapse:
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All Subceiling 1 applications will collapse together on August 7th, 2024 and the line order for applications will be based on the Shifted Lottery Number for lottery applications and post-lottery applications will follow by order of receipt. Any next in-line Subceiling 1 applications requesting a reservation based on the set-aside amounts set forth in TGC 1372.0223 & 1372.023(a) must receive their reservation by 5:00 PM CST on August 6, 2024 or the allocation will go towards the August 7th Collapse.
Notice regarding the August 15th Collapse:
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All Subceilings will collapse together on August 15th, 2024 and the line order for applications will be based on the Shifted Lottery Number for lottery applications and post-lottery applications will follow by order of receipt. Any next in-line applications requesting a reservation based on the available Subceiling allocation must receive their reservation by 5:00 PM CST on August 14, 2024 or the allocation will go towards the August 15th Collapse.
Notice regarding the 2025 Lottery:
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Lottery applications for the 2025 Program Year will be accepted no earlier than 8:00 AM CST on October 7, 2024 and must be received by 5:00 PM CST on October 18, 2024 in order to participate in the Lottery. The Lottery for the 2025 Program Year will be held in early to mid-November 2024. The State Ceiling, Subceiling, and set-aside amounts for the 2025 Program Year will not be known until the Census Bureau releases their annual population estimates in mid-December 2024.
Notice regarding the End of the 2024 Program Year:
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The last day to issue a Certificate of Reservation for the 2024 program year is November 15, 2024. Any allocation available or which becomes subsequently available after November 15th shall go towards the Traditional Carryforward applications for designation. All Closings, Non-Traditional Carryforward Elections, and Traditional Carryforward Applications must be submitted by 5:00 PM CST on December 23rd, 2024. Requests for Unencumbered State Ceiling must be received by 5:00 PM CST on December 30th, 2024.
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Upcoming Dates

  • March 1st – Multi-family local regions collapse to one local HFC “pot”
  • June 1st – Priority “1D” boost begins
  • July 15th – HFC single-family utilization percentage penalty is no longer active
  • August 7th – Single-family set-asides collapse
  • August 15th – All sub-ceilings collapse
  • October 5th-20th – 2025 Lottery submission period
  • November 15th – Last day to receive a 2024 reservation
  • December 23th – Last day to submit closing documents, carryforward election letters, and applications for carryfoward designation
  • December 30th – Unencumbered state ceiling designations

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Throughout Texas Government Code 1372 and Texas Administrative Code 190, there are several important dates that impact the program. BRB Staff has prepared a schedule detailing the various important dates.

Additional Agency Information

Tell us how we are doing.

Link to Survey

Texas Bond Review Board Feedback

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Someone, please give Jamie Backiel a raise!! I have spoken with Jamie by phone and email on several occasions, and she impresses me each and every time. She is always friendly and has a positive attitude. Her knowledge of the bond program, processes, laws, rules, etc., is outstanding. She is very patient and will explain anything to me that I am not able to wrap my mind around.
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I have always enjoyed working with the Texas Bond Review Board. The staff is always courteous and knowledgeable. They have always been willing to work with us to make sure that we provide the information that is needed in support of our bond authority.
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The BRB team has been extremely helpful to my team over the last several years. They are prompt, organized, and have easily understood what we have needed help with. We look forward to working with them again.
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Appreciate keeping this info accessable and available to the public. Thanks!
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The BRB staff are all super stars. (Rob, Jamie, Justin and others). I have worked with the BRB team on a regular basis for over 20 years (mostly on Private Activity Bonds), and have had nothing but positive experiences. They are all very knowledgeable, friendly, responsive, and also extremely helpful in answering questions. Their website is very organized and accessible. Really enjoy working with all of you.
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Our main contact at the BRB for questions has been Jamie Backiel. She is always responsive and helpful when we have questions.
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Each time we called, there was a response from the staff, and their guidance on the regulations were excellent.
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Many thanks to the wonderful BRB and supporting staff!
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