Given this uncertainty, we would request that you contact us regarding any transactions contemplated under the new amendments before submitting related proceedings for approval. As many of you are aware, this office has for some time wrestled with the issue of determining whether the financing of jails or detention facilities of substantial capacity intended to house inmates of governmental entities other than or in addition to those of the sponsoring entity meets the public purpose requirement for the issuance of bonds or other securities. Therefore, for any such future transactions we will require, in addition to the usual transcript items, a letter from the Commission's executive director, addressed to this office, approving and recommending the approval by this office of the financing of the proposed jail or detention facility. If the transaction is reactivated, the proceedings must be resubmitted along with a new filing fee. Finally, unless specifically requested, please do not, and request other parties to the transaction to not, FAX lengthy documents.
All times refer to the number of days prior to the day of closing.
The day of closing does not count. If these time frames are met, bond counsel can expect delivery of the transcript and opinions to the Comptroller two days prior to closing, in time for the bonds and opinions to be sent out on the day the Comptroller received them. For closings in Austin, or if bond counsel states that it is satisfactory for the bonds to be registered by the Comptroller the day before closing, one day may be subtracted from the time requirements. If bond counsel desires approval prior to such time, the above times will refer to the number of days prior to the day for which such approval is requested. Please note the above are minimum requirements.