At its last meeting, the Texas State Board of Education voted to have Cleveland-based Courtland Partners Ltd. help manage real estate investments made by the Permanent School Fund. In 2006, the board decided to allocate 6% of fund assets to real estate.

As of Aug. 31, the triple-A rated PSF backed debt issued by 767 school districts representing $47 billion of debt. The total allowable bond-guarantee capacity is $56 billion.

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