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Oversight Committee authorizes up to $300 million bond issuance for FY2026 financing
Summary
The oversight committee approved a resolution asking the Texas Public Finance Authority to issue up to $300 million in bonds in FY2026 to finance prior and upcoming CPRIT grants and operations; the agency has issued $3.34 billion to date of the $6 billion authorization.
The CPRIT Oversight Committee approved a bond issuance resolution authorizing the Texas Public Finance Authority (TPFA) to issue up to $300 million in bond proceeds in fiscal year 2026 to finance CPRIT grant awards and administrative expenses.
Chief Financial Officer Grant Weaver outlined the request and provided issuance history: CPRIT has issued approximately $3.34 billion to date from a $6.0 billion authorization. For FY2026 the resolution authorizes up to $300 million (the staff plan anticipates issuing about $298.5 million) to cover grants awarded in fiscal years 2020through 2026 and related administrative expenses. Weaver noted recent commercial paper issuances and provided market context showing the issuance rates for short-term instruments in contemporaneous Treasury markets.
The oversight committee voted to approve the draft bond resolution and authorized staff to proceed with TPFA coordination for FY2026 financing. The resolution includes program descriptions and CPRIT's issuance history as attachments to the transmittal materials.
Weaver said the financing strategy will maintain access to low-cost capital for grants and operations and staff will continue to provide updates to the committee as TPFA processes the request.
