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An Audit Report on Certification of the Permanent School Fund's Bond Guarantee Program for Fiscal Year 2022

January 2023

Summary Analysis

The State Auditor's Office certifies that, for the fiscal year ended August 31, 2022, the amount of school district and charter district bonds guaranteed by the Permanent School Fund's (Fund) Bond Guarantee Program (Program) was within the limits applicable to the Program. In addition, the Fund had sufficient capacity to meet the State Board of Education's (Board) requirement to hold no less than 5 percent of the total guarantee capacity in reserve for the same time period.

As of August 31, 2022, the total principal of the 3,442 outstanding bond issues guaranteed by the Program was $103.2 billion, which included $99.5 billion for public school districts and $3.7 billion for charter districts.

The Program's ability to guarantee bonds is limited to the lesser of two values: the U.S. Internal Revenue Service-set limit or the Board-set limit. As of August 31, 2022, the Program could guarantee an additional $7.8 billion in bonds for school districts and for charter districts.

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