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Texas Public Finance Authority
The Texas Public Finance Authority Charter School Finance Corporation ("CSFC" or "corporation") is a public non-profit corporation created by the Texas Public Finance Authority (the "Authority") and existing as an instrumentality of the Authority pursuant to Section 53.351 of the Texas Education Code, as amended (the "Act"). Pursuant to the Act, the CSFC is authorized to issue revenue bonds and to lend the proceeds thereof to any authorized charter schools for the purpose of aiding such schools in financing or refinancing "educational facilities" (as such term is defined in the Act) and facilities which are incidental, subordinate, or related thereto or appropriate in connection therewith.
All of the CSFC's affairs are controlled by and all of its power is exercised by a board of directors (the "Board") consisting of six appointed members. Board members serve two-year, staggered terms, and each Board member may serve an unlimited number of two-year terms.
The officers of the CSFC consist of a president, a vice president, and a secretary, each selected by the Board from among its members, and whose duties are described in the corporation's bylaws. All officers are subject to removal from office, with or without cause, at any time by a vote of a majority of the entire Board. Vacancies are filled by a majority vote of the Authority’s Board of Directors.
As of December 31, 2014, the CSFC has issued revenue bonds in sixteen transactions for fourteen charter schools. The Official Statements for these issues are available at:
CSFC Official Statements
In 2006, the CSFC joined with the Texas Education Agency and the Resource Center for Charter Schools and applied for a grant from the US Department of Education to assist charter schools with facilities financing by providing credit enhancement. The consortium received a $10,000,000 grant for its
Texas Credit Enhancement Program
The CSFC has no employees, but the Authority provides program, administrative and legal support to the CSFC by contract.
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