reglab/statecodes huggingface dataset:
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1201 - Public Security Procedures Act › Subchapter B. Issuance and Approval of Public Security › Section 1201.027. Authority of Issuer to Contract for Services

Sec. 1201.027.  AUTHORITY OF ISSUER TO CONTRACT FOR SERVICES.  (a)  An issuer has exclusive authority to select, contract with, and determine the basis for compensation of a person to provide legal and other services as may be determined by the issuer to be necessary in connection with the issuer's issuance of public securities or administration of its affairs that pertain to the issuance of public securities.  The selection of legal counsel shall be made in accordance with the provisions of Subchapter A, Chapter 2254, applicable to the selection by a governmental entity of a provider of professional engineering services.
(b)  Subsection (a) does not impair the authority of the attorney general under Section 402.0212 to approve a contract for legal services entered into by a state agency.
(c)  Except as provided by Subsection (b), to the extent of a conflict between this section and another law or a municipal charter, this section controls.
(d)  An issuer of a state security, as defined by Section 1231.001, that selects or contracts with a person to provide services under Subsection (a) shall, on request, submit to the Bond Review Board:
(1)  the request for proposals to provide the services not later than the date the request for proposals is published;
(2)  each final proposal received to provide the services before a contract for the services is entered into by the issuer; and
(3)  an executed contract entered into by an issuer for services under Subsection (a).
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 2, eff. Sept. 1, 1999.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 991 (S.B. 1332), Sec. 1, eff. September 1, 2007.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1201 - Public Security Procedures Act › Subchapter B. Issuance and Approval of Public Security › Section 1201.028. Single Meeting of Governing Body Sufficient

Sec. 1201.028.  SINGLE MEETING OF GOVERNING BODY SUFFICIENT.  Notwithstanding any other law, including a provision in a municipal charter, the following actions taken at a meeting of the governing body of an issuer are effective immediately and a subsequent meeting is not required:
(1)  a resolution, order, or ordinance calling an election to:
(A)  authorize the issuance and sale of a public security;  or
(B)  approve the resources, revenue, or income of the issuer that may be pledged as security for a public security;
(2)  a resolution, order, or ordinance canvassing the results of an election described by Subdivision (1);  or
(3)  a public security authorization.
Added by Acts 2001, 77th Leg., ch. 769, Sec. 2, eff. Sept. 1, 2001.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1201 - Public Security Procedures Act › Subchapter B. Issuance and Approval of Public Security › Section 1201.029. Commissions Not to Be Paid From Principal

Sec. 1201.029.  COMMISSIONS NOT TO BE PAID FROM PRINCIPAL.  In a public or private sale of public securities the principal amount of which is limited by law, by voted authorization, or by other means, for purposes of determining whether the principal amount of the public securities that are issued exceeds the limitation, amounts produced by the initial purchaser through market pricing of the public securities when the public securities are resold by the initial purchaser are not considered proceeds of the issuer if the amounts constitute all or part of the compensation of the initial purchaser.
Added by Acts 2003, 78th Leg., ch. 1193, Sec. 1, eff. June 20, 2003.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1201 - Public Security Procedures Act › Subchapter C. Financial Aspects of Public Security › Section 1201.041. Public Security as Negotiable Instrument and Investment Security

Sec. 1201.041.  PUBLIC SECURITY AS NEGOTIABLE INSTRUMENT AND INVESTMENT SECURITY.  A public security is:
(1)  a negotiable instrument;
(2)  an investment security to which Chapter 8, Business & Commerce Code, applies;  and
(3)  a legal and authorized investment for:
(A)  an insurance company;
(B)  a fiduciary or trustee;  or
(C)  a sinking fund of a municipality or other political subdivision or public agency of this state.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1201 - Public Security Procedures Act › Subchapter C. Financial Aspects of Public Security › Section 1201.042. Use of Certain Proceeds

Sec. 1201.042.  USE OF CERTAIN PROCEEDS.  (a)  An issuer may use the proceeds of a public security issued to finance the acquisition, construction, or improvement of a project or facility to:
(1)  pay interest on the public security while the project or facility is being acquired, constructed, or improved and for the year after it is acquired, constructed, or improved;
(2)  operate and maintain the project or facility during the estimated period of acquisition, construction, or improvement of the project or facility and for one year after it is acquired, constructed, or improved;
(3)  finance other funds relating to the public security, including debt service reserve and contingency;  and
(4)  pay the cost or expense of the issuance of the public security.
(b)  To the extent and in the manner provided in a public security authorization, until the proceeds from a public security described by Subsection (a) are needed the proceeds may be:
(1)  placed on time deposit;  or
(2)  invested in an obligation authorized for the investment of money of the issuer.
(c)  Proceeds from the sale of a public security issued to finance the acquisition, construction, equipping, or furnishing of a project or facility may be used to reimburse the issuer for a cost that is:
(1)  attributable to the project or facility;  and
(2)  paid or incurred before the date of the public security's issuance.
(d)  An issuer may spend a premium received by the issuer as part of the purchase price of public securities sold at a public or private sale:
(1)  to provide for payment of debt service on the public securities sold;
(2)  to contribute to an escrow established to provide for payment of debt service on obligations being refunded through the sale of the public securities;
(3)  to pay the cost or expense of issuing the public securities;  or
(4)  to pay any other cost related to the purpose for which the public securities were issued, as specified in the public security authorization.
(e)  Subsection (d)(4) does not authorize an issuer to spend money in an amount that exceeds limitations provided by other law or by the public security authorization.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2003, 78th Leg., ch. 270, Sec. 1, eff. June 18, 2003.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1201 - Public Security Procedures Act › Subchapter C. Financial Aspects of Public Security › Section 1201.043. Use of Investment Income

Sec. 1201.043.  USE OF INVESTMENT INCOME.  An issuer authorized to invest proceeds from the sale of a public security, including by placing the proceeds on time deposit, may use money earned from the investment for the purpose for which the public security was issued.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1201 - Public Security Procedures Act › Subchapter C. Financial Aspects of Public Security › Section 1201.044. Pledge or Lien on Resources, Assets, or Fund of Issuer

Sec. 1201.044.  PLEDGE OR LIEN ON RESOURCES, ASSETS, OR FUND OF ISSUER.  (a)  A pledge or lien provided for in a public security authorization on a resource of an issuer, including revenue or income, on an asset of an issuer, or on a fund maintained by an issuer:
(1)  is valid without further action by the issuer according to its terms and without being filed or recorded, except in the records of the issuer;
(2)  is effective from the time of payment for and delivery of the public security until the public security is paid or payment of the public security has been provided for;  and
(3)  is effective as to an item on hand or later received, and the item is subject to the lien or pledge without physical delivery of the item or other act.
(b)  This section does not exempt an issuer from a duty to:
(1)  record a lien on real property;  or
(2)  submit a public security to the attorney general for approval and registration by the comptroller.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1201 - Public Security Procedures Act › Subchapter D. Change or Conversion of Public Securities › Section 1201.061. Conversion, Reconversion, Transfer, or Exchange of Public Security

Sec. 1201.061.  CONVERSION, RECONVERSION, TRANSFER, OR EXCHANGE OF PUBLIC SECURITY.  (a)  The governing body of an issuer may:
(1)  provide and covenant for:
(A)  conversion of one form of a public security or an interest coupon to another form or forms;  and
(B)  reconversion of the public security or interest coupon to another form or forms;  and
(2)  provide procedures for transferring or exchanging a public security for a previously issued public security.
(b)  A public security or an interest coupon may be converted, on request of a bearer or owner, in an aggregate principal amount equal to the unpaid principal amount of the public security being converted, bearing interest at the same rate or rates as the security being converted, to:
(1)  a public security with interest coupons, payable to the bearer, and registrable as to principal and interest or only as to principal;
(2)  a fully registered public security without interest coupons;  or
(3)  any other form, in any denomination.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1201 - Public Security Procedures Act › Subchapter D. Change or Conversion of Public Securities › Section 1201.062. Change or Conversion of Public Security

Sec. 1201.062.  CHANGE OR CONVERSION OF PUBLIC SECURITY.  If a public security authorization provides a procedure for changing or converting a public security, an additional resolution, order, or ordinance is not required to change or convert the security.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1201 - Public Security Procedures Act › Subchapter D. Change or Conversion of Public Securities › Section 1201.063. Execution and Exchange of New Public Security

Sec. 1201.063.  EXECUTION AND EXCHANGE OF NEW PUBLIC SECURITY.  (a)  On request of the bearer or owner of a public security, if required or necessary, an appropriate officer of the issuer shall execute and exchange an appropriate new public security for the changed or converted public security.
(b)  If a public security that is changed or converted has interest coupons, appropriate new coupons shall also be executed and exchanged.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1201 - Public Security Procedures Act › Subchapter D. Change or Conversion of Public Securities › Section 1201.064. Submission of New Public Security to Attorney General

Sec. 1201.064.  SUBMISSION OF NEW PUBLIC SECURITY TO ATTORNEY GENERAL.  Except as provided by Section 1201.067, an issuer that changes or converts a public security that has been registered by the comptroller shall submit the new public security to the attorney general for approval.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1201 - Public Security Procedures Act › Subchapter D. Change or Conversion of Public Securities › Section 1201.065. Approval of New Public Security by Attorney General

Sec. 1201.065.  APPROVAL OF NEW PUBLIC SECURITY BY ATTORNEY GENERAL.  The attorney general shall approve a new public security if the attorney general finds that the new public security has been printed or entered on the books of the registrar and executed and issued as provided by law and a public security authorization relating to the public security being changed or converted.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1201 - Public Security Procedures Act › Subchapter D. Change or Conversion of Public Securities › Section 1201.066. Registration of New Public Security by Comptroller

Sec. 1201.066.  REGISTRATION OF NEW PUBLIC SECURITY BY COMPTROLLER.  (a)  The comptroller shall register and deliver a new public security after:
(1)  approval of the new public security by the attorney general;  and
(2)  the surrender to and the cancellation by the comptroller of each changed or converted public security.
(b)  On registration the new public security is valid and incontestable for all purposes.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1201 - Public Security Procedures Act › Subchapter D. Change or Conversion of Public Securities › Section 1201.067. Exception to Approval Requirement

Sec. 1201.067.  EXCEPTION TO APPROVAL REQUIREMENT.  (a)  If the duty to convert or reconvert a public security or interest coupon or to transfer or exchange a public security is imposed on a corporate trustee under a trust agreement or indenture securing the public security or on a paying agent for the public security, the attorney general is not required to approve and the comptroller is not required to register:
(1)  the converted or reconverted public security or interest coupon;  or
(2)  the public security delivered on transfer or exchange of the previously issued public security.
(b)  A converted or reconverted public security or interest coupon, or a transferred or exchanged public security, is valid and incontestable in the same manner and with the same effect as the previously issued public security.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1202 - Examination and Registration of Public Securities › Section 1202.001. Definitions

Sec. 1202.001.  DEFINITIONS.  In this chapter:
(1)  "Issuance" means the initial delivery by an issuer of evidence of an obligation of a public security issued by the issuer to the initial purchaser in exchange for the purchase price of the public security.
(2)  "Issuer" means:
(A)  an agency, authority, board, body politic, department, district, instrumentality, municipal corporation, political subdivision, public corporation, or subdivision of this state;  or
(B)  a nonprofit corporation acting for or on behalf of an entity described by Paragraph (A).
(3)  "Public security" means an instrument, including a bond, note, certificate of obligation, certificate of participation or other instrument evidencing a proportionate interest in payments due to be paid by an issuer, or other type of obligation that:
(A)  is issued or incurred by an issuer under the issuer's borrowing power, without regard to whether it is subject to annual appropriation;  and
(B)  is represented by an instrument issued in bearer or registered form or is not represented by an instrument but the transfer of which is registered on books maintained for that purpose by or on behalf of the issuer.
(4)  "Record of proceedings" means the record of an issuer's proceedings relating to the authorization of a public security or a credit agreement relating to a public security.
(5)  "Credit agreement" means a loan agreement, revolving credit agreement, agreement establishing a line of credit, letter of credit, reimbursement agreement, insurance contract, commitment to purchase a public security, purchase or sale agreement, interest rate swap agreement, or commitment or other agreement authorized by an issuer in connection with the authorization, issuance, sale, resale, security, exchange, payment, purchase, remarketing, or redemption of a public security, interest on a public security, or both.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Amended by:
Acts 2005, 79th Leg., Ch. 802 (S.B. 495), Sec. 1, eff. September 1, 2005.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1202 - Examination and Registration of Public Securities › Section 1202.002. Authority to Define Terms

Sec. 1202.002.  AUTHORITY TO DEFINE TERMS.  The attorney general may determine, by application of accepted legal principles, the meaning of a term used in this chapter, other than "issuance," "issuer," or "public security," and by rule define that term.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1202 - Examination and Registration of Public Securities › Section 1202.003. Review and Approval of Public Securities

Sec. 1202.003.  REVIEW AND APPROVAL OF PUBLIC SECURITIES.  (a)  Before the issuance of a public security, the issuer shall submit the public security and the record of proceedings to the attorney general.
(b)  If the attorney general finds that the public security has been authorized to be issued in conformity with law, the attorney general shall:
(1)  approve the public security;  and
(2)  deliver to the comptroller:
(A)  a copy of the attorney general's legal opinion stating that approval;  and
(B)  the record of proceedings.
(b-1)  Notwithstanding Subsection (b), if Section 1372.037(b) applies with respect to the issuance of qualified residential rental project bonds in a program year, the attorney general must certify the issuer's compliance with that subsection before approving the issuance of those bonds.  A certification made under this subsection may be based solely on a written verification provided by the issuer on request of the attorney general.
(c)  Unless exempted by Section 1202.007, the issuance of a public security except in compliance with this chapter is prohibited.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Amended by:
Acts 2023, 88th Leg., R.S., Ch. 1006 (H.B. 1766), Sec. 1, eff. June 18, 2023.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1202 - Examination and Registration of Public Securities › Section 1202.004. Fee for Examination by Attorney General

Sec. 1202.004.  FEE FOR EXAMINATION BY ATTORNEY GENERAL.  (a)  When an issuer submits a record of proceedings to the attorney general for examination and approval as provided by law, the issuer shall pay a nonrefundable examination fee to the attorney general in accordance with this section.
(b)   If the issuer is issuing multiple series of a single public security issue, the issuer shall pay the fee prescribed by this section for each series.
(c)  Except as provided by Subsection (d), the nonrefundable examination fee required by this section is equal to the lesser of:
(1)  one-tenth of one percent of the principal amount of the public security to which the record of proceedings relates; or
(2)  $9,500.
(d)  The minimum examination fee required by this section is $750.
(e)  The attorney general may adopt rules necessary to administer this section.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Amended by:
Acts 2005, 79th Leg., Ch. 802 (S.B. 495), Sec. 2, eff. September 1, 2005.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1202 - Examination and Registration of Public Securities › Section 1202.005. Registration

Sec. 1202.005.  REGISTRATION.  On receipt of documents required by Section 1202.003(b)(2) from the attorney general, the comptroller shall register:
(1)  the public security;  and
(2)  the record of proceedings.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1202 - Examination and Registration of Public Securities › Section 1202.006. Validity and Incontestability

Sec. 1202.006.  VALIDITY AND INCONTESTABILITY.  (a)  A public security and any contract the proceeds of which are pledged to the payment of the public security are valid and incontestable in a court or other forum and are binding obligations for all purposes according to their terms:
(1)  after the public security is approved by the attorney general and registered by the comptroller;  and
(2)  on issuance of the public security.
(b)  In any action brought to enforce the collection of county or municipal bonds that are payable from ad valorem taxes and that have been approved by the attorney general and registered by the comptroller, the certificate of the attorney general shall be admitted as evidence of the validity of the bonds and the interest coupons pertaining to the bonds.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1202 - Examination and Registration of Public Securities › Section 1202.007. Exemptions; Construction of Exemptions

Sec. 1202.007.  EXEMPTIONS;  CONSTRUCTION OF EXEMPTIONS.  (a)  The following are exempt from the approval and registration requirements of this chapter:
(1)  a public security that is:
(A)  not subject to mandatory renewal or renewal at the option of any person, including the issuer, a holder, or a bearer; and
(B)  payable only out of:
(i)  current revenues or taxes collected in the year the public security is issued; or
(ii)  the proceeds of other public securities;
(2)  a certificate in evidence of benefit assessments;
(3)  a certificate of obligation, including a claim or account that represents an undivided interest in a certificate of obligation, that under Subchapter C, Chapter 271, Local Government Code, an issuer is authorized to deliver to a contractor;
(4)  a time warrant issued under Chapter 252 or 262, Local Government Code;
(5)  a public security authorized by Chapter 1371;
(6)  a lease, lease-purchase, or installment sale obligation, except as provided by other law;
(7)  a public security that by rule the attorney general exempts because it is not practical to require approval before the public security's issuance; and
(8)  a nonnegotiable note issued under Section 45.108, Education Code, in a principal amount that does not exceed $1 million.
(b)  The exemptions provided by Subsection (a) shall be narrowly construed.
(c)  An issuer that issues a public security that is exempt under Subsection (a) may submit the public security to the attorney general as provided by this chapter.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.002, eff. Sept. 1, 2001.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 1018 (H.B. 2610), Sec. 3, eff. September 1, 2013.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1202 - Examination and Registration of Public Securities › Section 1202.008. Collection and Report of Information on Public Securities of Political Subdivisions

Sec. 1202.008.  COLLECTION AND REPORT OF INFORMATION ON PUBLIC SECURITIES OF POLITICAL SUBDIVISIONS.  (a)  In reviewing public securities under this chapter, the attorney general may collect, in the form required by the Bond Review Board, information on public securities issued by a municipal corporation or political subdivision of this state.
(b)  The information must include:
(1)  the terms of the public securities;
(2)  the debt service payable on the public securities;  and
(3)  other information required by the Bond Review Board.
(c)  The attorney general shall send the information to the Bond Review Board for inclusion in the board's report of debt statistics under Section 1231.062.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1203 - Registrar for Public Security › Subchapter A. General Provisions › Section 1203.001. Definitions

Sec. 1203.001.  DEFINITIONS.  In this chapter:
(1)  "Fully registrable," with respect to a public security, means that:
(A)  the principal of and interest on the public security are payable only to the registered owner of the public security;
(B)  the principal of the public security is payable on presentation of the public security at the place of payment;  and
(C)  the interest on the public security is payable to the registered owner of the public security at the most recent address of that owner as shown on the books of the registrar.
(2)  "Issuer" means this state or a department, board, authority, agency, district, municipal corporation, political subdivision, instrumentality, or other political corporation of this state that is authorized to issue public securities.
(3)  "Public security" means a bond, note, certificate of obligation, certificate of indebtedness, or other obligation for the payment of money lawfully issued by an issuer.
(4)  "Public security authorization" means the resolution, order, or ordinance authorizing the issuance of a public security.
(5)  "Registered owner" means:
(A)  the payee named in a fully registrable public security;  or
(B)  the legal representative of or successor to that payee.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1203 - Registrar for Public Security › Subchapter A. General Provisions › Section 1203.002. Effect on Uniform Commercial Code

Sec. 1203.002.  EFFECT ON UNIFORM COMMERCIAL CODE.  This chapter does not:
(1)  qualify Title 1, Business & Commerce Code;  or
(2)  limit the negotiability of a public security as provided by that title.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1203 - Registrar for Public Security › Subchapter A. General Provisions › Section 1203.003. Conflict With Municipal Charter

Sec. 1203.003.  CONFLICT WITH MUNICIPAL CHARTER.  To the extent of a conflict between this chapter and a municipal charter, this chapter controls.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1203 - Registrar for Public Security › Subchapter B. Registration of Public Security › Section 1203.021. Registrar for Public Security; Designation in Proceedings

Sec. 1203.021.  REGISTRAR FOR PUBLIC SECURITY;  DESIGNATION IN PROCEEDINGS.  (a)  The public security authorization that authorizes a fully registrable public security shall designate the registrar for the security.
(b)  The registrar may be:
(1)  the comptroller;
(2)  a home-rule municipality with a population of more than 100,000, as to a security of the municipality;
(3)  a county with a population of more than 100,000, as to a security of the county;
(4)  a bank, including a commercial bank, at which the principal of the security is payable;  or
(5)  a trust company organized under a law of this state.
(c)  Designation of a county as registrar for a public security issued by the county is effective only if the commissioners court of the county makes the designation with regard to an issuance of debt.
(d)  The county treasurer or the county officer who has the powers and duties of the county treasurer shall perform the registration duties for a county that is designated a registrar.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1203 - Registrar for Public Security › Subchapter B. Registration of Public Security › Section 1203.022. Registration of Public Security; Conflict With Public Security Authorization

Sec. 1203.022.  REGISTRATION OF PUBLIC SECURITY;  CONFLICT WITH PUBLIC SECURITY AUTHORIZATION.  (a)  A fully registrable public security may be registered as provided by the public security authorization relating to the security.
(b)  To the extent of a conflict between this chapter and a public security authorization that provides that a public security is fully registrable, this chapter prevails.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1203 - Registrar for Public Security › Subchapter B. Registration of Public Security › Section 1203.023. Maintenance of Registrar Records by Trust Company or Commercial Bank

Sec. 1203.023.  MAINTENANCE OF REGISTRAR RECORDS BY TRUST COMPANY OR COMMERCIAL BANK.  At the direction of the issuer, a trust company or a commercial bank acting as a registrar under this chapter shall maintain the registrar records in this state.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 769, Sec. 3, eff. Sept. 1, 2001.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1203 - Registrar for Public Security › Subchapter B. Registration of Public Security › Section 1203.024. Change of Name or Address of Registered Owner

Sec. 1203.024.  CHANGE OF NAME OR ADDRESS OF REGISTERED OWNER.  If the comptroller is designated under this chapter as registrar of a public security and the comptroller's registration book reflects the change of name or address of a registered owner of the security, the comptroller shall notify each paying agent of the change.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1203 - Registrar for Public Security › Subchapter B. Registration of Public Security › Section 1203.025. Cost and Expenses for Registration or Exchange of Public Security

Sec. 1203.025.  COST AND EXPENSES FOR REGISTRATION OR EXCHANGE OF PUBLIC SECURITY.  A public security authorization that authorizes the issuance of a public security that is, initially or by exchange or conversion, fully registrable shall state the part of the cost and expense of registering or exchanging the security that the issuer will pay, including fees of the registrar named in the public security authorization.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1203 - Registrar for Public Security › Subchapter B. Registration of Public Security › Section 1203.026. Comptroller's Rules and Fee Schedule

Sec. 1203.026.  COMPTROLLER'S RULES AND FEE SCHEDULE.  The comptroller shall:
(1)  adopt rules for the comptroller's performance of services under this chapter;  and
(2)  publish a schedule of fees for performing those services.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1203 - Registrar for Public Security › Subchapter C. Conversion or Exchange of Public Security › Section 1203.041. Conversion of Public Security

Sec. 1203.041.  CONVERSION OF PUBLIC SECURITY.  (a)  This section applies to a public security only if the public security authorization relating to the security:
(1)  provides for conversion of the security;  and
(2)  names the comptroller as registrar.
(b)  A public security that is issued with one or more coupons becomes fully registrable if:
(1)  the security is presented to the comptroller;  and
(2)  the comptroller removes each coupon.
(c)  A public security that is issued as a fully registrable security becomes a security with one or more coupons if:
(1)  the security is presented to the comptroller;  and
(2)  the comptroller attaches an unmatured coupon or coupons to the security.
(d)  Attachment and removal of a coupon or coupons may occur successively from time to time.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1203 - Registrar for Public Security › Subchapter C. Conversion or Exchange of Public Security › Section 1203.042. Approval and Registration of Converted or Exchanged Public Security

Sec. 1203.042.  APPROVAL AND REGISTRATION OF CONVERTED OR EXCHANGED PUBLIC SECURITY.  (a)  This section applies to a public security only if:
(1)  the public security authorization relating to the security provides that the security is fully registrable or is of the type that has one or more coupons and that the security may be exchanged;  or
(2)  the security has been converted under Section 1203.041.
(b)  If the public security was initially approved by the attorney general and registered by the comptroller, on exchange or conversion of the security:
(1)  a public security that results from the exchange or conversion is considered to have been approved by the attorney general and registered by the comptroller;
(2)  the attorney general is not required to approve the resulting security;  and
(3)  the comptroller is not required to register the resulting security.
(c)  If a public security is exchanged, the registrar shall have an appropriate inscription placed on the public security received in exchange verifying that the security received in exchange is in place of the security presented for exchange.  The inscription must be manually signed.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1204 - Interest Rate › Section 1204.001. Definitions

Sec. 1204.001.  DEFINITIONS.  In this chapter:
(1)  "Floating rate public security" means a public security or a portion of a public security that bears a rate of interest determined in accordance with a clearly stated formula, computation, or method, under which the net interest cost of the security or portion at any future date cannot be determined on the date of delivery of the security or portion.
(2)  "Public agency" means:
(A)  this state or a department, board, agency, district, municipal corporation, political subdivision, body politic and corporate, or instrumentality of this state;  or
(B)  a nonprofit corporation or not-for-profit entity that is an instrumentality of or is acting on behalf of an entity described by Paragraph (A).
(3)  "Public security" means a bond, note, or other obligation that a public agency is authorized to issue.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1204 - Interest Rate › Section 1204.002. Applicability

Sec. 1204.002.  APPLICABILITY.  (a)  A provision of this chapter concerning the sale price of a public security or the maximum rate of interest that a public security may bear applies to any public security without regard to a contrary provision in another law or a charter.
(b)  A provision of this chapter concerning the sale price of a public security does not apply to a public security whose maximum rate of interest or maximum net effective interest rate is, at the time the public security is issued, specifically set by the constitution of this state.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1204 - Interest Rate › Section 1204.003. Computation of Public Security Years

Sec. 1204.003.  COMPUTATION OF PUBLIC SECURITY YEARS.  (a)  Public security years are computed for each separate public security that is part of an issue or series of public securities by dividing the principal amount at par value of the public security by 100 and multiplying the resulting quotient by:
(1)  the number of years from the date interest begins to accrue on the public security to the date the security is scheduled to mature;  or
(2)  for a floating rate public security, the number of years from the date net interest cost begins to accrue on the public security to the earlier of:
(A)  the date the security is scheduled to mature;  or
(B)  any date interest on the security is computed.
(b)  If any portion of an issue or series of public securities is subject to a mandatory redemption before the scheduled maturity that at the time of delivery of the public securities is scheduled to occur on a specific date or dates, the public security years are computed as if the face amount of public securities required to be redeemed on each earlier date were scheduled to mature on that earlier date.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1204 - Interest Rate › Section 1204.004. Computation of Net Interest Cost

Sec. 1204.004.  COMPUTATION OF NET INTEREST COST.  (a)  In this section:
(1)  "Discount" means an amount equal to the principal amount at par value of an issue or series of public securities plus any accrued interest to the date of delivery minus the total sum of money paid to the public agency.
(2)  "Premium" means an amount equal to the total amount of money paid to the public agency for an issue or series of public securities minus:
(A)  the principal amount at par value of the issue or series;  and
(B)  any accrued interest to the date of delivery.
(b)  The net interest cost of an issue or series of public securities is the total of all interest to become payable on the issue or series through the final scheduled maturity date of the issue or series, plus any discount or minus any premium included in the price paid for the issue or series.
(c)  The net interest cost of an issue or series of floating rate public securities is the total of all interest to accrue from the date of delivery and become payable on the issue or series through any date net interest cost is computed on the issue or series:
(1)  plus, in the case of a discount, the figure obtained by multiplying the dollar amount of the discount by a fraction, the numerator of which is the aggregate number of public security years to the date of the net interest cost computation and the denominator of which is the aggregate number of public security years to the scheduled final maturity date of the floating rate public securities;  or
(2)  minus, in the case of a premium, the figure obtained by multiplying the dollar amount of the premium by a fraction, the numerator of which is the aggregate number of public security years to the date of the net interest cost computation and the denominator of which is the aggregate number of public security years to the scheduled final maturity date of the floating rate public securities.
(d)  If any portion of an issue or series of public securities is subject to a mandatory redemption before the scheduled maturity that at the time of delivery of the public securities is scheduled to occur on a specific date or dates:
(1)  the net interest cost is computed as if the face amount of public securities required to be redeemed on each earlier date were scheduled to mature on that earlier date;
(2)  the net interest cost includes any redemption premium required to be paid on any mandatory redemption date;  and
(3)  any other form of compensation, whether due on an optional or mandatory prepayment or redemption, may not be included in the net interest cost.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1204 - Interest Rate › Section 1204.005. Computation of Net Effective Interest Rate

Sec. 1204.005.  COMPUTATION OF NET EFFECTIVE INTEREST RATE.  (a)  The net effective interest rate of an issue or series of public securities is computed by dividing the net interest cost of the issue or series by the aggregate total number of public security years of all public securities that comprise the issue or series and expressing the result as a rate of interest in percent per year.
(b)  In computing the net effective interest rate of an issue or series of public securities that includes one or more public securities on which interest accruing before the maturity of the public security is compounded, the public security years with reference to each separate compounding public security are increased by an amount obtained by dividing the amount of interest that is periodically compounded by 100 and multiplying the resulting quotient by the number of years from the date on which interest begins to accrue on the amount that is being compounded to:
(1)  the scheduled date for payment of the amount that is being compounded;  or
(2)  with respect to a floating rate public security, the date interest on the public security is next computed, if that date is earlier than the scheduled date for payment of the amount that is being compounded.
(c)  For purposes of this chapter, interest compounded under Subsection (b) is considered as principal.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1204 - Interest Rate › Section 1204.006. Maximum Interest Rate

Sec. 1204.006.  MAXIMUM INTEREST RATE.  (a)  The maximum rate of interest for any issue or series of public securities, including an issue or series that is issued in exchange for property, labor, services, materials, or equipment under another law, is a net effective interest rate of 15 percent.
(b)  Except as provided by Section 1204.007, a public agency may issue and sell any issue or series of its public securities at any price and bearing interest at any rate or rates determined by the agency's governing body that does not exceed the maximum rate under Subsection (a).
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1204 - Interest Rate › Section 1204.007. Maximum Interest Rate for Certain Public Securities

Sec. 1204.007.  MAXIMUM INTEREST RATE FOR CERTAIN PUBLIC SECURITIES.  (a)  Public securities authorized by an election held before April 15, 1981, may be issued, may be sold, and may bear interest as provided by Section 1204.006, except that public securities authorized by an election required by the constitution of this state may not be issued at an interest rate greater than the rate authorized at that election unless an additional election is held at which the issuance of the public securities at a price and at a rate authorized by Section 1204.006 is approved.
(b)  A public agency shall hold and give notice of an additional election under Subsection (a) in the manner provided by law applicable to the election that authorized the public securities.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1205 - Public Security Declaratory Judgment Actions › Subchapter A. General Provisions › Section 1205.001. Definitions

Sec. 1205.001.  DEFINITIONS.  In this chapter:
(1)  "Issuer" means an agency, authority, board, body politic, commission, department, district, instrumentality, municipality or other political subdivision, or public corporation of this state.  The term includes a state-supported institution of higher education and any other type of political or governmental entity of this state.
(2)  "Public security" means an interest-bearing obligation, including a bond, bond anticipation note, certificate, note, warrant, or other evidence of indebtedness, regardless of whether the obligation is:
(A)  general or special;
(B)  negotiable;
(C)  in bearer or registered form;
(D)  in temporary or permanent form;
(E)  issued with interest coupons;  or
(F)  to be repaid from taxes, revenue, both taxes and revenue, or in another manner.
(3)  "Public security authorization" means an action or proceeding by an issuer taken, made, or proposed to be taken or made in connection with or affecting a public security.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1205 - Public Security Declaratory Judgment Actions › Subchapter A. General Provisions › Section 1205.002. Conflict or Inconsistency With Other Laws

Sec. 1205.002.  CONFLICT OR INCONSISTENCY WITH OTHER LAWS.  (a)  To the extent of a conflict or inconsistency between this chapter and another law, this chapter controls.
(b)  This chapter does not prohibit an issuer from applying to the Texas Supreme Court for a writ of mandamus to the attorney general for the approval of a bond, and the court is authorized to issue the writ.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1205 - Public Security Declaratory Judgment Actions › Subchapter B. Declaratory Judgment Action › Section 1205.021. Authority to Bring Action

Sec. 1205.021.  AUTHORITY TO BRING ACTION.  An issuer may bring an action under this chapter to obtain a declaratory judgment as to:
(1)  the authority of the issuer to issue the public securities;
(2)  the legality and validity of each public security authorization relating to the public securities, including if appropriate:
(A)  the election at which the public securities were authorized;
(B)  the organization or boundaries of the issuer;
(C)  the imposition of an assessment, a tax, or a tax lien;
(D)  the execution or proposed execution of a contract;
(E)  the imposition of a rate, fee, charge, or toll or the enforcement of a remedy relating to the imposition of that rate, fee, charge, or toll;  and
(F)  the pledge or encumbrance of a tax, revenue, receipts, or property to secure the public securities;
(3)  the legality and validity of each expenditure or proposed expenditure of money relating to the public securities;  and
(4)  the legality and validity of the public securities.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1205 - Public Security Declaratory Judgment Actions › Subchapter B. Declaratory Judgment Action › Section 1205.022. Venue

Sec. 1205.022.  VENUE.  An issuer may bring an action under this chapter in a district court of Travis County or of the county in which the issuer has its principal office.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.