HonorableEverett Hutchinson Bond Counsel State Board of Eduoation Austin, Texas
Dear Sirr Opinion No. O-6967 Ret 

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the Dallas CountyRoad Bonds in question callable under the provisionsof Ch. 2, Title 22, Revised Civil statutes? Investigationof the record on filewiththe Ccrmptroller of Public Accounts discloses that the bonds mentioned in your requestwere authorizedby an order of the tkunty Commissioners'Court of Dallas: County, Texas, on the 13th day of Jme, 1940, being a partial issue of #760,000 of bonds authorized at an election duly and legally held on the 2nd day of &y, 19393 said bonds being dated May 10, 1940, and were approvedby the Attorney General of Texas and registered by the Comptrollerof Public Acoounts on July 3, 1940.

The record also revealsthat the Commissioners'Court, at the t&e the bondswere issued,made no provisions concerning its right to redeem the konds prior to theirmaturity.

The bonds were voted under Chapter 2, Title 22, of the Revised Civil Statutes of Texas, 1925. Article 720 of the Revised Civil Statutes of 1925 forms a part of the abovementioned chapter and reads as follows~

"All bonds issued under this chapter shall run not exoeeding forty years, and may be redeemable at the pleasure of the countyat any time after five years after the issuance of the bonds, or after any period not exceeding ten years, which may be fixed by the oommissioners court." The Supreme Court of Texas held in the case of Cochran Countyv. ?.Lann, 172 S.W. (2d) 689,that all bonds issued under Chapter 2, Title 22, Revised Civil Statutes, 1925,x subject to the provisionsof saidArticle 720. We quote from the opinion as follows;

"The above statute,being in effect at the time the bonds were issued,was read into and formed a part ofthe oontraut, and purchasers of the bondswere chargedwith notiae thereofHonorable Fkerett Hutchinson,Page 2 (O-6967)

and are presumed to have bought the bonds in reoognition thereof. 1 Jones Bonds and Bond Securities (4th Ed.) p. 590, par. 627. “As we construethe above statute,where bonds are issued under the ohapter therein referredto, if the Commissioners' Court at the time the bondswre issuedmakes no provision aonoerning its right to redeem the bonds prior to their maturity, they maybe redeemed at the pleasure of the county at anytime after five years after the issuance thereof. However, the Commissioners1Courtmay, bs an appropriate order entered aitthe time the bonds are issued, postpone the date after whiohthe bondsmay be redeemedto not exceeding ten years from the date of their issuance. The bonds are redeemable in all events,atnot exoeeding ten -yearsfromthe date of theii issuance. Dallas Countyv. Lockhart,, State Treasurer, 126 Tex. 50, 96 S.11.(2d) 60. "Sinceno provisionwas made fixing the date after which the bonds here under considerationcould be redeemed, they were redeemable,penPorae of the statute,at any'time after five years after the issuance thereof."
Inview of the foregoing,you are Mvised that the $200,000 Dallas Coun Road Bonds, datedMay 10, 1940, bearing interest at the rate of per annwn are now redeemableat the pleasure ofthe aounty.
Yours very truly
ATTO= GERFXALOF TEXAS

BY s/ Claud 0. BootMan

Claud.O..Boothman

Assist~t COB:EP%egw hPPRovED DEC. 10, 1945 s/ Carlos.Ashley FIPm ASSISTANT ATTORNEY GENERIL Approved Opinion Conmittee ByBRB Chairman