By Martha Fernandez, TCSA Director of Advocacy
At the State Board of Education meeting on Friday, the board will vote for the second and final time on an amendment to boost the Permanent School Fund capacity multiplier from 3 to 3.25 percent.
The amendment, offered by SBOE Member David Bradley, would increase the charter school allotment by an estimated additional $250 million.
On July 17, the first reading of the amendment passed on a 9-5 vote, and charter school students need you to take action to ensure its final passage.
The PSF 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 February 2014, public charter schools that meet certain criteria are able to refinance their bonds and issue new bonds with the PSF guarantee, saving millions of taxpayer dollars that went back into the classroom.
But public charters have reached their current capacity.
Public charter schools deserve an increase to the allotted capacity to ensure fair access for public charter students.
The action on Friday would have no real impact for ISDs. The ratings agencies have indicated that this action would NOT have an adverse effect on the fund ratings.
If your SBOE member voted for this change, please call or email them before 9 a.m. Friday. Thank them for their past support AND urge them to stick with us and adopt this change during this week's meeting. Raising the capacity under the school bond program allows charters schools to continue to realize millions in savings and put more dollars into the classroom!
The board members who voted YES for this amendment in July include: Donna Bahorich, Marisa B. Perez, Ken Mercer, Lawrence Allen, Erika Beltran, Ruben Cortez, David Bradley, Barbara Cargill, Marty Rowley and Tom Maynard.