_______________________________________
DAVID BRADLEY

State Board of Education ✯ District 7

TOM MAYNARD

State Board of Education ✯ District 10

_______________________________________
For Immediate Release
Contact: David Bradley
409-835-3808

✯ February 20, 2018
Contact: Tom Maynard
512-763-2801

OPEN LETTER TO GEORGE P. BUSH, TEXAS LAND COMMISSIONER 
Commissioner: 
As Chairman and Vice Chairman of the Permanent School Fund Commi8ee, Texas State Board of 
Educa>on (SBOE), we were surprised to read your poli>cal campaign piece, which no doubt arrived in 
mailboxes across the state at great expense.   
We both enjoy a spirited portrayal of a candidate’s accomplishments, but your claim that you or the 
Texas General Land Office (GLO) “contributed over $4 billion to our public schools” deserves public 
scruPny. 
The State Board of Educa>on (SBOE) was cons>tu>onally created in 1854 to preserve and protect the 
Permanent School Fund (PSF— oQen called the Textbook Fund) and to manage it for the benefit of Texas 
students. Guided by a very prudent standard, those funds have been invested successfully for over 160 
years and have a current cash value of $34 billion. Benefits to classrooms are paid out from the SBOE/
PSF through the Available School Fund (ASF). 
Historically, the General Land Office directly deposited proceeds from its management of Public Lands 
into the SBOE/PSF investment por]olio. However, in recent years, the GLO has throQled its century-long 
cash contribu>ons to the SBOE/PSF investment por]olio and made nominal payments directly to the 
Available School Fund (ASF). Put more plainly, instead of making schoolyard payouts, the GLO is currently 
withholding $2 billion in cash and has developed internal/illiquid real estate investments in the amount 
of $6 billion.  
On the other hand, SBOE/PSF distribu>ons to the Available School Fund were $2.11 billion for the 
2016-2017 biennium and are scheduled at $2.47 billion for the 2018-2019 biennium. SBOE distribuPons 
will total $4.58 billion in the four-year period. 
Under your direc>on, the GLO made no distribuPons to the Available School Fund during the 2016-2017 
biennium. And for the current 2018-2019 biennium, you and the GLO have agreed to contribute $300 
million — nowhere near the $4 billion you claim to have contributed in your campaign piece.  

 Commissioner George P. Bush 
February 21, 2018 
Page Two 
How can you, in good conscience, take credit for the $4 billion provided for Texas students by the State 
Board of EducaPon? 
For over three years now, our 15-member Board and Permanent School Fund Investment Commi8ee 
have invited you to cross the street and visit with our membership to be8er cement our joint 
responsibili>es and rela>onship. You declined each of our invita>ons, sta>ng you were too busy. 
We should all heed the words of John Adams, first Vice President and second President of the United 
States:   
 
 
 

Facts are stubborn things; and whatever may be our wishes, our  
inclina8ons, or the dictates of our passions, they cannot alter the  
state of facts and evidence.  

To say the least, we are deeply disappointed by your misleading, inaccurate campaign representa>ons. 
Texas students, teachers, parents and taxpayers deserve be8er. 
Sincerely,  

David Bradley, Chairman 
Permanent School Fund Commi8ee 
Texas State Board of Educa>on, District 7 
Represen'ng the following coun'es:  Brazoria, Chambers, Fort Bend, Galveston, Hardin, Jasper, Jefferson, 
Liberty, Newton, Orange, Sabine, San Augus'ne and Tyler 

Tom Maynard, Vice Chairman 
Permanent School Fund Commi8ee 
Texas State Board of Educa>on, District 10 
Represen'ng the following coun'es:  Aus'n, Bastrop, Bell, Burleson, Burnet, Falls, FayeIe, Freestone, 
Lee, Leon, Limestone, Madison, Milam, Robertson, Waller, Washington, Williamson and part of Travis 
Not printed at taxpayer expense