In 1979, Bill Caraway, Chancellor Financial's president, sponsored the Public Property Finance Act, while serving as a Member of the Texas House of Representatives. The Act authorized all political subdivisions of the State of Texas to acquire personal property (movable property) using tax-exempt lease purchase contracts. The legislation was a result of area Superintendents and Business Managers asking for this type of funding mechanism enjoyed in 42 other states. Needless to say, the legislation passed overwhelmingly!

The Public Property Finance Act has been utilized by school districts to finance buses, computers, desk-chairs, HVAC systems, modular buildings, pre-engineered steel buildings and a variety of personal property materials.

In 1993, the Texas Legislature amended the Public Property Finance Act to permit school districts to acquire real property, thus the construction of new school facilities. Over the past few years, the legislature has enacted laws to provide for new funding methodologies, including: Time Warrants Energy Conservation, Funding Mortgages on School Property, Design/Build Contracts, Personal Property Lease-Purchase and Real Property Lease-Purchase.

New funding methodologies, as a result of Texas law:

Time Warrants Energy Conservation Funding Mortgages on School Property Design/Build Contracts Personal Property Lease-Purchase Real Property Lease-Purchase