The Texas Bond Review Board was established in 1987. Its main function is to review and approve all bonds issued and lease-purchases or installment sales over $250,000 by universities and state agencies. A five-member policy-making body is in charge and consists of the governor, lieutenant governor, state treasurer, speaker of the house, and state comptroller. The governor serves as chairman. The board is responsible for conducting policy regarding debt and bond issues for the state. It furnishes public information about bonded indebtedness and provides full disclosure on the costs and methods of debt issuance to citizens. The board develops consistent guidelines to ensure the security of public money and the integrity of the projects to which bond proceeds are directed. It also provides definitive guidelines for bond issuers and coordinates the timing of bond sales. In the fiscal year of 1989 a total of $1.46 billion in bonds were issued by state agencies and universities, and Texas bond debt totaled $6.7 billion at the end of that fiscal year. Some of the bond issues approved by Texas voters in 1989 included $500 million for financing water-related projects under the Water Development Board, $75 million for student college loans under the Texas Higher Education Coordinating Board, and $30 million for loans to agricultural and small rural businesses under the Agricultural Authority.