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Landslide Vote by TX House to Expand PSF for Charters

05.22.17
Landslide Vote by TX House to Expand PSF for Charters

May 22, 2017

CONTACT: Christine Isett, cisett@txcharterschools.org, 512-584-8272 or 703-220-7990

Today, an overwhelming majority of the Texas House of Representatives voted in support of CSSB 1480, which expands the capacity of the Permanent School Fund (PSF) Bond Guarantee Program for public charter schools.

“On behalf of the Texas Charter Schools Association, I want to thank Senator Bryan Hughes and Chairman Jim Murphy for their leadership in taking steps to expand the PSF Bond Guarantee Program for public charter schools,” said David Dunn, Executive Director. “This legislation will keep millions of dollars in the classroom for students and help meet the demand of Texas families.”

The Permanent School Fund was created by the Texas Legislature to benefit public school students and taxpayers by enhancing a public school’s credit rating and lowering interest rates on bonds issued by public schools.

Since 2014, public charter schools, that meet stringent criteria, may receive the guarantee of the PSF on their bonds, saving millions of taxpayer dollars. Leveraging the PSF and investing in these excellent schools has already realized a savings of about $10.5 million annually for the next 25 years.

This was the second reading for CSSB 1480 in the House and final approval by the House is expected tomorrow.