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Board authorizes up to $100 million in college student loan bonds, delegates sale authority to commissioner and CFO
Summary
The board approved a resolution authorizing up to $100 million of tax‑exempt private activity bonds to support the College Access Loan (CAL) program and delegated authority to executive staff to execute sales and potential refundings within prescribed limits.
The Texas Higher Education Coordinating Board on Oct. 23 adopted a bond resolution authorizing up to $100,000,000 in tax‑exempt private activity bonds to fund the College Access Loan (CAL) program and delegated authority to the commissioner and chief financial officer to finalize and execute sales and refundings within specified parameters.
Why it matters: The CAL program uses bond proceeds to fund student loans. The board’s action provides the legal delegation necessary to issue bonds for loans and to refund older series if market conditions indicate net present value savings.
What the resolution authorizes
Anthony Infantini, the board’s chief financial officer, presented the resolution and said it…
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