(a) The Board may exempt certain state securities from formal approval by the Board. Exemptions include the following:      
        (1) Texas Department of Housing and Community Affairs multifamily conduit housing transactions are exempt unless seeking an ad valorem tax reduction or exemption.       
        (2) Texas State Affordable Housing Corporation multifamily conduit housing transactions are exempt unless seeking an ad valorem tax reduction or exemption.       
        (3) Texas Public Finance Authority Charter School Finance Corporation conduit transactions are exempt.       
        (4) State securities secured by the general revenues of the state issued by the Veterans Land Board, the Texas Water Development Board or the Higher Education Coordinating Board determined by the Executive Director to be self-supporting and state securities issued by the Texas Water Development Board pursuant to the state revolving fund program under Chapter 15, Subchapter J, Water Code and Chapter 17, Subchapter I, Water Code.       
        (5) Self-supporting revenue state securities issued by the Texas Public Finance Authority, at the request of and on behalf of, the Texas Windstorm Insurance Association.       
        (6) State securities that are advance refunding or refinancing transactions that have a net present value savings of at least 3%; current refunding or refinancing transactions that have a net present value savings of at least 2%; refunding or refinancing transactions that are removing restrictive bond covenant requirements; or self-supporting revenue security issues that have no general revenue impact to the state.       
      (b) An issuer of state securities exempted pursuant to this section must still comply with §181.2 and §181.5 of this title (relating to Notice of Intention to Issue and Submission of Final Report).     
      (c) Exempt issuers pursuant to this section are required to submit a notice of intent pursuant to §181.2(e) of this title. Upon receipt of all required information, the notice shall be forwarded to the Board for review.     
      (d) At the written request of one or more members of the Board given to an issuer within six business days of the notice forwarded pursuant to subsection (c) of this section, an issuer is required to follow the formal approval process regardless of this section; provided, however, if an issuer is required to follow the formal approval process pursuant to this section, the notice of intent will be treated as a completed application for purposes of §181.3 of this title (relating to Application for Board Approval of State Securities Issuance).     
     Source Note:        The provisions of this §181.9 adopted to be effective August 10, 1988, 13 TexReg 3755; amended to be effective September 18, 2003, 28 TexReg 8133; amended to be effective April 9, 2008, 33 TexReg 2828; amended to be effective August 6, 2008, 33 TexReg 6146; amended to be effective March 3, 2010, 35 TexReg 1760; amended to be effective June 30, 2010, 35 TexReg 5579; amended to be effective February 8, 2012, 37 TexReg 501; amended to be effective December 2, 2019, 44 TexReg 7398