reglab/statecodes huggingface dataset:
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1207 - Refunding Bonds › Subchapter B. Advance Refunding Procedures › Section 1207.031. Withdrawal of Deposit

Sec. 1207.031.  WITHDRAWAL OF DEPOSIT.  (a)  An issuer that has made the deposit and payments required by this subchapter may apply to the comptroller to withdraw from the paying agent the amount of money deposited to the credit of the account of an obligation that has been refunded, including interest and premium, if any, by exhibiting the canceled obligation to the comptroller.  The comptroller shall make a proper record of payment and cancellation of that obligation.
(b)  An issuer may withdraw money deposited under this subchapter only if:
(1)  the conditions stated in Subsection (a) are met;  or
(2)  the attorney general certifies to the comptroller that the issuer's payment of the obligation as to which the deposit was made is barred by limitation and forbidden by law.
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 1207 - Refunding Bonds › Subchapter B. Advance Refunding Procedures › Section 1207.032. Comptroller Fees

Sec. 1207.032.  COMPTROLLER FEES.  The comptroller may charge a reasonable fee for a service performed under this subchapter.
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 1207 - Refunding Bonds › Subchapter B. Advance Refunding Procedures › Section 1207.033. Discharge

Sec. 1207.033.  DISCHARGE.  (a)  A deposit of money made under this chapter is considered to be the making of firm banking and financial arrangements for the discharge and final payment or redemption of the obligations to be refunded or to be paid or redeemed wholly or partly without the issuance of refunding bonds if the deposit is made on or before the payment or redemption date or dates of the obligations.
(b)  An issuer may provide in the proceedings authorizing the issuance of the refunding bonds that the refunding bonds are subordinate to the obligations to be refunded.  The subordination may be made only in the manner and to the extent specifically provided by those proceedings.
(c)  After firm banking and financial arrangements for the discharge and final payment or redemption of the obligations have been made under Subsection (a), all rights of an issuer to initiate proceedings to call the obligations for redemption or take any other action amending the terms of the obligations are extinguished.  The right to call the obligations for redemption is not extinguished if the issuer:
(1)  in the proceedings providing for the firm banking and financial arrangements, expressly reserves the right to call the obligations for redemption;
(2)  gives notice of the reservation of that right to the owners of the obligations immediately following the making of the firm banking and financial arrangements;  and
(3)  directs that notice of the reservation be included in any redemption notices that it authorizes.
(d)  Subsection (c) applies only to firm banking and financial arrangements made on or after September 1, 1999, and has no effect on the validity or legality of any such arrangements made before that date.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 10, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1207 - Refunding Bonds › Subchapter B. Advance Refunding Procedures › Section 1207.034. Right to Demand or Receive Early Payment

Sec. 1207.034.  RIGHT TO DEMAND OR RECEIVE EARLY PAYMENT.  The holder of an obligation to be refunded by refunding bonds may not demand or receive payment of the obligation to be refunded before its scheduled maturity date, due date, or redemption date unless the proceedings authorizing the refunding bonds specifically provide for the earlier payment.
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 1207 - Refunding Bonds › Subchapter B. Advance Refunding Procedures › Section 1207.035. Conflict or Inconsistency With Other Laws

Sec. 1207.035.  CONFLICT OR INCONSISTENCY WITH OTHER LAWS.  To the extent of a conflict or inconsistency between this subchapter and another law, this subchapter 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 1207 - Refunding Bonds › Subchapter C. Direct Deposit With Paying Agent › Section 1207.061. Authority to Deposit Directly

Sec. 1207.061.  AUTHORITY TO DEPOSIT DIRECTLY.  (a)  An issuer may, in lieu of making a deposit with the comptroller under Subchapter B, deposit an amount of money sufficient to provide for the payment or redemption of the obligations, including assumed obligations, to be refunded or to be paid or redeemed in whole or in part without issuing refunding bonds, directly with:
(1)  a paying agent for any of the obligations to be refunded, paid, or redeemed;
(2)  the trustee under a trust indenture, deed of trust, or similar instrument providing security for the obligations to be refunded, paid, or redeemed;  or
(3)  a trust company or commercial bank other than one described by Subdivision (1) or (2) that:
(A)  does not act as a depository for the issuer;  and
(B)  is named in the proceedings of the issuer authorizing execution of an agreement under Section 1207.062.
(b)  An issuer may make a deposit under this section from any source, including the proceeds from the sale of the refunding bonds.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 769, Sec. 5, eff. Sept. 1, 2001.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1207 - Refunding Bonds › Subchapter C. Direct Deposit With Paying Agent › Section 1207.062. Escrow Agreement

Sec. 1207.062.  ESCROW AGREEMENT.  (a)  An issuer may enter into an escrow or similar agreement with a person described by Section 1207.061(a) with respect to the safekeeping, investment, administration, and disposition of a deposit made under Section 1207.061.
(b)  A deposit under Section 1207.061 may be invested only in:
(1)  direct noncallable obligations of the United States, including obligations that are unconditionally guaranteed by the United States;
(2)  noncallable obligations of an agency or instrumentality of the United States, including obligations that are unconditionally guaranteed or insured by the agency or instrumentality and that, on the date the governing body of the issuer adopts or approves the proceedings authorizing the issuance of refunding bonds, are rated as to investment quality by a nationally recognized investment rating firm not less than AAA or its equivalent;  and
(3)  noncallable obligations of a state or an agency or a county, municipality, or other political subdivision of a state that have been refunded and that, on the date the governing body of the issuer adopts or approves the proceedings authorizing the issuance of refunding bonds, are rated as to investment quality by a nationally recognized investment rating firm not less than AAA or its equivalent.
(c)  A deposit under Section 1207.061 may be invested only in obligations that mature and bear interest payable at times and in amounts sufficient to provide for the scheduled payment or redemption of the obligation to be refunded.  The obligations may be in book-entry form.
(d)  An issuer shall enter into an agreement under Subsection (a) if an obligation to be refunded is scheduled to be paid or redeemed on a date later than the next scheduled interest payment date on the obligation.
(e)  Notwithstanding Subsection (b), a deposit under an escrow agreement entered into under Subsection (a) before September 1, 1999, may not be invested in an investment described by Subsection (b)(2) or (3).
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 11, eff. Sept. 1, 1999;  Acts 2001, 77th Leg., ch. 769, Sec. 6, eff. Sept. 1, 2001.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1207 - Refunding Bonds › Subchapter C. Direct Deposit With Paying Agent › Section 1207.0621. Sources Available for Payment

Sec. 1207.0621.  SOURCES AVAILABLE FOR PAYMENT.  An issuer may pledge to the payment of a refunding bond issued to make a deposit under this subchapter:
(1)  any surplus income to be earned from the investment of a deposit made under this subchapter;
(2)  any other available revenue, income, or resource;  or
(3)  both surplus income described by Subdivision (1) and any other available revenue, income, or resource.
Added by Acts 2001, 77th Leg., ch. 1420, Sec. 8.003, eff. Sept. 1, 2001.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1207 - Refunding Bonds › Subchapter C. Direct Deposit With Paying Agent › Section 1207.063. Duty to Comply

Sec. 1207.063.  DUTY TO COMPLY.  A person described by Section 1201.061(a) that enters into an agreement under Section 1207.062 shall comply with each term of that agreement and, from the deposited money and in the manner and to the extent provided by the agreement, make available to any other paying agent or trustee for an obligation of the same or a different series of obligations to be refunded, paid, or redeemed, the amounts required by the terms of the obligation to pay or redeem the principal of and interest on the obligation when due.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 769, Sec. 7, eff. Sept. 1, 2001.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1207 - Refunding Bonds › Subchapter C. Direct Deposit With Paying Agent › Section 1207.064. Incontestability of Certain Escrow Agreements and Contracts

Sec. 1207.064.  INCONTESTABILITY OF CERTAIN ESCROW AGREEMENTS AND CONTRACTS.  After the registration of a refunding bond and the sale and delivery of the bond to the purchaser, the proceedings that authorize the refunding bond, any escrow agreement relating to the refunding bond, and any contract providing security or payments with respect to the refunding bond are:
(1)  incontestable in any court or other forum for any reason;  and
(2)  valid and binding obligations in accordance with their terms for any purpose.
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 1207 - Refunding Bonds › Subchapter D. Exchange Refunding Procedures › Section 1207.081. Issuance in Exchange for Obligation to Be Refunded; Limitation

Sec. 1207.081.  ISSUANCE IN EXCHANGE FOR OBLIGATION TO BE REFUNDED;  LIMITATION.  (a)  Refunding bonds may be issued to be exchanged under this subchapter for, and on the surrender and cancellation of, the obligations to be refunded.
(b)  The comptroller shall register a refunding bond and deliver it to the holder of the obligation to be refunded, in accordance with the proceedings authorizing the refunding bond.  The exchange may be made in one delivery or in installment deliveries.
(c)  Repealed by Acts 1999, 76th Leg., ch. 1064, Sec. 47(1), eff. Sept. 1, 1999.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 47(1), eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1207 - Refunding Bonds › Subchapter D. Exchange Refunding Procedures › Section 1207.082. Limitation on Authority to Partially Refund

Sec. 1207.082.  LIMITATION ON AUTHORITY TO PARTIALLY REFUND.  An issuer may issue refunding bonds to be exchanged under this subchapter to refund part of an outstanding issue of bonds, notes, or other obligations only if the issuer demonstrates to the attorney general at the time of the refunding that, based on then current conditions, the issuer will have adequate resources available at the times required to provide for the payment of the unrefunded part of the outstanding issue when due.
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 1207 - Refunding Bonds › Subchapter D. Exchange Refunding Procedures › Section 1207.083. Other Powers of Issuer

Sec. 1207.083.  OTHER POWERS OF ISSUER.  To the extent necessary or convenient in carrying out a power under this subchapter, an issuer may use the provisions of any other law that does not conflict with this subchapter.
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 1207 - Refunding Bonds › Subchapter D. Exchange Refunding Procedures › Section 1207.084. Conflict or Inconsistency With Other Laws

Sec. 1207.084.  CONFLICT OR INCONSISTENCY WITH OTHER LAWS.  When bonds are being issued to be exchanged under this subchapter, to the extent of a conflict or inconsistency between this subchapter and another law, this subchapter 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 1208 - Security for Public Securities › Section 1208.001. Definitions

Sec. 1208.001.  DEFINITIONS.  In this chapter:
(1)  "Credit agreement" means any agreement authorized by a governing body of an issuer in connection with or related to the authorization, issuance, sale, resale, security, exchange, payment, purchase, remarketing, or redemption of a public security, interest on a public security, or both.  The term includes any agreement relating to public securities that is defined or described in state law as a "credit agreement" or a "bond enhancement agreement."
(2)  "Issuer" and "public security" have the meanings assigned by Section 1202.001.
(3)  "Security agreement" means a resolution, order, ordinance, or agreement that creates a security interest with respect to a public security or a credit agreement.
(4)  "Security interest" means a pledge of, lien on, or other interest in taxes, revenue, receipts, funds, or other personal property or fixtures that secures payment or performance of public securities or a credit agreement.
Added by Acts 2001, 77th Leg., ch. 24, Sec. 1, eff. July 1, 2001.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1208 - Security for Public Securities › Section 1208.002. Pledge of Security

Sec. 1208.002.  PLEDGE OF SECURITY.  (a)  A security interest created by an issuer by means of a security agreement:
(1)  is valid and effective according to the terms of the security agreement as to all property of the governmental unit stated to be covered by the security agreement, whether:
(A)  held at the time the security agreement is entered into or adopted;  or
(B)  later acquired or received;
(2)  except as provided by Subsection (c), is perfected from the time the security agreement is entered into or adopted continuously through the termination of the security interest, in accordance with its terms, without physical delivery or transfer of control of the property, filing of a document, or another act;
(3)  ranks as to priority in order of the time of perfection, except as otherwise provided by the security agreement;  and
(4)  may be enforced as provided by the security agreement or the law that authorizes the security agreement.
(b)  The rights of a lien creditor as defined by Section 9.102(a), Business & Commerce Code, are subordinate to a perfected security interest described by Subsection (a).
(c)  A security interest in real property is perfected when the security agreement, a memorandum of the security agreement, or other instrument creating the security interest is duly recorded in the real property records of the county in which the property is located.
(d)  This section does not:
(1)  create or exempt an issuer from a duty to submit public securities to the attorney general for approval and registration by the comptroller;  or
(2)  authorize an issuer to enter into or adopt a security agreement.
Added by Acts 2001, 77th Leg., ch. 24, Sec. 1, eff. July 1, 2001.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1208 - Security for Public Securities › Section 1208.003. Preemption

Sec. 1208.003.  PREEMPTION.  This chapter is a statute described by Section 9.109(c)(2), Business & Commerce Code, and an issuer is considered to be a governmental unit for purposes of that section.
Added by Acts 2001, 77th Leg., ch. 24, Sec. 1, eff. July 1, 2001.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter A. General Provisions › Section 1231.001. Definitions

Sec. 1231.001.  DEFINITIONS.  In this chapter:
(1)  "Board" means the Bond Review Board.
(1-a)  "Interest rate management agreement" means an agreement that provides for an interest rate transaction, including a swap, basis, forward, option, cap, collar, floor, lock, or hedge transaction, for a transaction similar to those types of transactions, or for a combination of any of those types of transactions.  The term includes:
(A)  a master agreement that provides standard terms for transactions;
(B)  an agreement to transfer collateral as security for transactions; and
(C)  a confirmation of transactions.
(2)  "State security" means:
(A)  an obligation, including a bond, issued by:
(i)  a state agency;
(ii)  an entity that is expressly created by statute and has statewide jurisdiction; or
(iii)  an entity issuing the obligation on behalf of this state or on behalf of an entity described by Subparagraph (i) or (ii);
(B)  an installment sale or lease-purchase obligation that is issued by or on behalf of an entity described by Paragraph (A) and that has:
(i)  a stated term of more than five years; or
(ii)  an initial principal amount of more than $250,000; or
(C)  an obligation, including a bond, that is issued under Chapter 53, Education Code, at the request of or for the benefit of an institution of higher education other than a public junior college.
(3)  "Institution of higher education" has the meaning assigned by Section 61.003, Education Code.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 991 (S.B. 1332), Sec. 2, eff. September 1, 2007.
Acts 2007, 80th Leg., R.S., Ch. 991 (S.B. 1332), Sec. 3, eff. September 1, 2007.
Acts 2011, 82nd Leg., R.S., Ch. 1049 (S.B. 5), Sec. 1.05, eff. June 17, 2011.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter A. General Provisions › Section 1231.002. Certain Rights of Issuers Not Affected

Sec. 1231.002.  CERTAIN RIGHTS OF ISSUERS NOT AFFECTED.  This chapter does not affect the right of an issuer of state securities to select its own bond counsel, underwriter, financial advisor, or other service provider in connection with the issuance of state 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 B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter B. Bond Review Board › Section 1231.021. Bond Review Board; Presiding Officer

Sec. 1231.021.  BOND REVIEW BOARD;  PRESIDING OFFICER.  (a)  The board is composed of:
(1)  the governor;
(2)  the lieutenant governor;
(3)  the speaker of the house of representatives;  and
(4)  the comptroller.
(b)  The governor is the presiding officer of the board.
(c)  A member of the board may designate another person to act on the member's behalf.
(d)  If the speaker of the house of representatives is prohibited by the constitution of this state from serving as a voting member, the speaker serves as a nonvoting member.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.0031, eff. Sept. 1, 2001.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter B. Bond Review Board › Section 1231.022. Rules

Sec. 1231.022.  RULES.  The board may adopt rules:
(1)  relating to applications for review, the review process, and reporting requirements;
(2)  exempting certain state securities from the application of Subchapter C  if the board finds that review of the securities is unnecessary or impractical;  and
(3)  delegating to the director of the bond finance office the authority to approve a state security on behalf of the board.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter B. Bond Review Board › Section 1231.023. Debt Issuance Policies and Guidelines

Sec. 1231.023.  DEBT ISSUANCE POLICIES AND GUIDELINES.  (a)  The board shall adopt debt issuance policies to guide issuers of state securities and to ensure that state debt is prudently managed.  The policies must be sufficiently flexible to allow the state and issuers of state securities to respond to changing economic conditions.
(b)  The board shall consult with issuers of state securities in developing the policies.
(c)  The board shall adopt policies that:
(1)  provide a mechanism for evaluating the amount of state debt that can be managed prudently;
(2)  address opportunities to consolidate debt authority;
(3)  include guidelines for:
(A)  appropriate levels of reserves;
(B)  the types of state security that should be issued under various circumstances; and
(C)  the terms or structure of a state security;
(4)  help the board and issuers of state securities to evaluate:
(A)  the potential risks involved in the issuance of a state security or in the execution of an interest rate management agreement; and
(B)  the effect that the issuance of a state security or that the execution of an interest rate management agreement will have on the finances and on the overall debt position of the issuer and of the state; and
(5)  recommend other advisable practices related to the issuance of a state security.
Added by Acts 2001, 77th Leg., ch. 530, Sec. 1, eff. June 11, 2001.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 991 (S.B. 1332), Sec. 4, eff. September 1, 2007.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter C. Board Approval of Issuance of State Security › Section 1231.041. Approval of State Security

Sec. 1231.041.  APPROVAL OF STATE SECURITY.  (a)  Except as otherwise provided by this section, an entity, including a state agency, may not issue a state security unless:
(1)  the board approves the issuance; or
(2)  the security is exempted under law, including a board rule adopted under Section 1231.022(2).
(b)  A state security issued by an institution of higher education, or issued at the request of or for the benefit of an institution of higher education, is not subject to board approval if:
(1)  the institution or the university system of which the institution is a component has an unenhanced long-term debt rating of at least AA- or its equivalent; and
(2)  the general revenue of this state is not pledged to the payment of the security.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1049 (S.B. 5), Sec. 1.06, eff. June 17, 2011.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter C. Board Approval of Issuance of State Security › Section 1231.042. Application for Approval of Issuance of State Security

Sec. 1231.042.  APPLICATION FOR APPROVAL OF ISSUANCE OF STATE SECURITY.  To obtain the approval of the board to issue a state security, a state agency or other entity must:
(1)  apply to the board, in the manner prescribed by the board;  and
(2)  file with the application any information, including documents, required by the board.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter C. Board Approval of Issuance of State Security › Section 1231.043. Approval of Issuance

Sec. 1231.043.  APPROVAL OF ISSUANCE.  The board shall approve the issuance of a state security if, after examining the application and documents or items of information required by the board, the board determines that the issuance is advisable.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter C. Board Approval of Issuance of State Security › Section 1231.044. State Auditor Review of State Security Proceeds; Report

Sec. 1231.044.  STATE AUDITOR REVIEW OF STATE SECURITY PROCEEDS;  REPORT.  (a)  On the board's request, the state auditor shall review the disposition of state security proceeds.
(b)  The state auditor shall prepare a report of the review and file a copy of the report with:
(1)  the board;
(2)  the governor;
(3)  the lieutenant governor;
(4)  the speaker of the house of representatives;
(5)  the secretary of state;  and
(6)  each member of the legislature.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 12, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter D. Reports to Legislature › Section 1231.061. Review of Certain Unissued State Securities; Biennial Report to Legislature

Sec. 1231.061.  REVIEW OF CERTAIN UNISSUED STATE SECURITIES;  BIENNIAL REPORT TO LEGISLATURE.  (a)  The board shall review all state securities, including general obligation and revenue bonds, that have been authorized but are unissued.
(b)  Not later than October 31 of each even-numbered year, the board shall submit to the legislature a report that recommends whether the authorization for a state security should be revoked.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.004, eff. Sept. 1, 2001.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter D. Reports to Legislature › Section 1231.062. Biennial Debt Statistics Report

Sec. 1231.062.  BIENNIAL DEBT STATISTICS REPORT.  (a)  Not later than December 31 of each even-numbered year, the board shall submit to the legislature a statistical report relating to:
(1)  state securities; and
(2)  bonds and other debt obligations issued by local governments.
(b)  A report must include:
(1)  total debt service as a percentage of total expenditures;
(2)  tax-supported debt service as a percentage of general revenue expenditure;
(3)  per capita total debt;
(4)  per capita tax-supported debt;
(5)  total debt and tax-supported debt as a percentage of personal income;
(6)  total personal income per capita;
(7)  total debt per capita as a percentage of total personal income per capita;
(8)  total debt and tax-supported debt as a percentage of real property valuations;
(9)  total debt and tax-supported debt as a percentage of annual revenues and expenditures;
(10)  principal required to be repaid in five years and principal required to be repaid in 10 years;
(11)  growth rates of total debt per capita and total debt per dollar of personal income;
(12)  recent trends in the issuance of short-term notes;
(13)  recent trends in issuance costs;
(14)  savings from recent refundings;
(15)  recent trends in capitalized interest use;
(16)  debt service coverage ratios, if applicable;  and
(17)  other information the board considers relevant.
(c)  The attorney general, each state agency, and each local government shall provide to the board, at the times required by the board, information that the board determines to be necessary to prepare the statistical report.
(d)  The board may enter into a contract for the procurement of services related to the collection and maintenance of information on the indebtedness of local governments and state agencies necessary to prepare the statistical report.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1416 (S.B. 2064), Sec. 1, eff. June 19, 2009.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter D. Reports to Legislature › Section 1231.063. Debt Affordability Study

Sec. 1231.063.  DEBT AFFORDABILITY STUDY.  (a)  The board, in consultation with the Legislative Budget Board, shall annually prepare a study regarding the state's current debt burden by:
(1)  analyzing the state's historical debt use and financial and economic resources to determine the amount of additional not self-supporting debt the state can accommodate; and
(2)  monitoring how annual changes and new debt authorizations affect the mechanism described in Subsection (b).
(b)  The study must include a mechanism that can be used to determine, at a minimum, the state's debt affordability and serve as a guideline for debt authorizations and debt service appropriations.  The mechanism must be designed to calculate:
(1)  the not self-supporting debt service as a percentage of unrestricted revenues;
(2)  the ratio of not self-supporting debt to personal income;
(3)  the amount of not self-supporting debt per capita;
(4)  the rate of debt retirement; and
(5)  the ratio of not self-supporting debt service to budgeted or expended general revenue.
(c)  Not later than February 15 of each year, the board shall submit the annual study to:
(1)  the governor;
(2)  the comptroller;
(3)  the presiding officer of each house of the legislature; and
(4)  the Senate Committee on Finance and House Appropriations Committee.
(d)  The annual study submitted under Subsection (c) must include a target and limit ratio for not self-supporting debt service as a percentage of unrestricted revenues.
Added by Acts 2007, 80th Leg., R.S., Ch. 991 (S.B. 1332), Sec. 5, eff. September 1, 2007.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1416 (S.B. 2064), Sec. 2, eff. June 19, 2009.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter D. Reports to Legislature › Section 1231.064. Biennial Report on State Lending and Credit Support Programs

Sec. 1231.064.  BIENNIAL REPORT ON STATE LENDING AND CREDIT SUPPORT PROGRAMS.  (a)  In this section:
(1)  "Credit support program" means a program under which this state guarantees or provides credit enhancements for the debt of any public or private entity, including providing support for interest or principal payments, in a manner that obligates this state to pay any part of the principal or interest on that debt if the entity defaults.
(2)  "Lending program" means a program through which state money is loaned, or otherwise provided with the expectation of repayment, to a public or private entity.
(b)  Not later than December 31 of each even-numbered year, the board shall submit to the legislature and post on the board's Internet website a report on all lending programs and credit support programs in this state.  The report must include:
(1)  the total amount of state money lent through lending programs;
(2)  the total amount of debt supported by credit support programs; and
(3)  for each lending program or credit support program:
(A)  the total amount of state money lent through or debt supported by the program, as applicable;
(B)  a citation to the law authorizing the program; and
(C)  a reasonable estimate of the costs of default associated with the program, computed in accordance with private-sector accounting standards for credit or other losses.
(c)  A state agency or political subdivision of this state shall provide to the board in the manner provided by board rule any information necessary for the board to prepare the report required by this section.
Added by Acts 2023, 88th Leg., R.S., Ch. 176 (H.B. 1038), Sec. 1, eff. September 1, 2023.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter E. Security Transaction Reports › Section 1231.081. General Requirements

Sec. 1231.081.  GENERAL REQUIREMENTS.  (a)  Each entity that issues a state security shall report to the board its security transactions.
(b)  A report must:
(1)  be itemized;
(2)  state in dollars the information required by Subsection (c) or Sections 1231.082-1231.085 for money paid to each business and classify each of the businesses that money was paid to according to:
(A)  the race, ethnicity, and gender of the controlling ownership of each business;  and
(B)  whether the business is domestic or foreign;  and
(3)  be made in compliance with board rule.
(c)  For any security transaction, the report must state each issuance cost, including the cost of:
(1)  bond counsel;
(2)  financial advisor;
(3)  rating agencies;
(4)  official statement preparation;
(5)  official statement printing;
(6)  bond printing;
(7)  paying agent or registrar;
(8)  escrow agent;
(9)  escrow verification agent;
(10)  trustee;
(11)  attorney general;
(12)  dealer fee;
(13)  remarketing fee;  and
(14)  credit enhancement.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter E. Security Transaction Reports › Section 1231.082. Report of State Security Sold Competitively

Sec. 1231.082.  REPORT OF STATE SECURITY SOLD COMPETITIVELY.  A report concerning a state security that is sold competitively must state:
(1)  the components of the gross spread, including:
(A)  gross takedown;
(B)  expenses;  and
(C)  syndicate profit and loss;
(2)  a summary of obligation orders and allotments by maturity, firm, and order type;  and
(3)  each syndicate firm's gross takedown and share of syndicate profit or loss.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter E. Security Transaction Reports › Section 1231.083. Report of State Security Sold Through Negotiation

Sec. 1231.083.  REPORT OF STATE SECURITY SOLD THROUGH NEGOTIATION.  A report concerning a state security sold through negotiation must state:
(1)  the components of the spread, including:
(A)  management fee;
(B)  structuring fee;
(C)  underwriting risk;
(D)  takedown;  and
(E)  spread expenses;
(2)  each firm's share of underwriting risk;
(3)  the underwriter's counsel;
(4)  a summary of obligation orders and allotments by maturity, firm, and order type;  and
(5)  each syndicate firm's share of management fee, structuring fee, underwriting risk fee, and takedown.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter E. Security Transaction Reports › Section 1231.084. Report of State Security Sold Through Private Placement

Sec. 1231.084.  REPORT OF STATE SECURITY SOLD THROUGH PRIVATE PLACEMENT.  A report concerning a state security sold through private placement must state:
(1)  each component of the private placement fee, including the:
(A)  management fee;
(B)  placement agent fee;  and
(C)  expenses;  and
(2)  the placement agent's counsel's fee.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter E. Security Transaction Reports › Section 1231.085. Report of Refunding or Escrow-Related Transaction

Sec. 1231.085.  REPORT OF REFUNDING OR ESCROW-RELATED TRANSACTION.  A report concerning a refunding or escrow-related transaction must state the spread paid on the purchase or sale of an escrow 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 B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter E. Security Transaction Reports › Section 1231.086. Annual Board Reports

Sec. 1231.086.  ANNUAL BOARD REPORTS.  (a)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 1083, Sec. 25(68), eff. June 17, 2011.
(b)  On November 15 of each year, the board shall send to the lieutenant governor, the speaker of the house, and each member of the legislature a report of the information received under this subchapter for the fiscal year ending August 31 of that year.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1083 (S.B. 1179), Sec. 25(68), eff. June 17, 2011.
Acts 2013, 83rd Leg., R.S., Ch. 1312 (S.B. 59), Sec. 47, eff. September 1, 2013.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter F. Bond Finance Office › Section 1231.101. Bond Finance Office

Sec. 1231.101.  BOND FINANCE OFFICE.  (a)  The board shall appoint a director to:
(1)  manage the bond finance office;  and
(2)  select the staff of the office.
(b)  When practical, the office shall make use of:
(1)  the resources of the Legislative Budget Board;  and
(2)  the offices of the governor and 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 B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter F. Bond Finance Office › Section 1231.102. Annual Report

Sec. 1231.102.  ANNUAL REPORT.  Not later than 90 days after the end of each state fiscal year, the bond finance office shall publish a report listing:
(1)  the amount of state securities outstanding;
(2)  applicable repayment schedules;  and
(3)  other information the office considers relevant.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1231 - Bond Review Board › Subchapter F. Bond Finance Office › Section 1231.103. Provision of Information Relating to Other Bonds

Sec. 1231.103.  PROVISION OF INFORMATION RELATING TO OTHER BONDS.  The bond finance office may provide information for inclusion in a prospectus related to any bond issued under authority of state law or municipal ordinance.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1232 - Texas Public Finance Authority › Subchapter A. General Provisions › Section 1232.001. Short Title

Sec. 1232.001.  SHORT TITLE.  This chapter may be cited as the Texas Public Finance Authority Act.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1232 - Texas Public Finance Authority › Subchapter A. General Provisions › Section 1232.002. Purpose

Sec. 1232.002.  PURPOSE.  The purpose of this chapter is to provide a method of financing for:
(1)  the acquisition or construction of buildings;
(2)  the purchase or lease of equipment by executive or judicial branch state agencies; and
(3)  customer rate relief bonds authorized by the Railroad Commission of Texas in accordance with Subchapter I, Chapter 104, Utilities Code.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 646, Sec. 1, eff. Sept. 1, 2001.
Amended by:
Acts 2021, 87th Leg., R.S., Ch. 805 (H.B. 1520), Sec. 1, eff. June 16, 2021.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1232 - Texas Public Finance Authority › Subchapter A. General Provisions › Section 1232.003. Definitions

Sec. 1232.003.  DEFINITIONS.  In this chapter:
(1)  "Authority" means the Texas Public Finance Authority.
(2)  "Board" means the board of directors of the authority.
(3)  "Building" means:
(A)  a structure used by a state agency to conduct state business;  and
(B)  the major equipment or personal property related functionally to a structure used by a state agency to conduct state business.
(4)  "Commission" means the Texas Facilities Commission.
(5)  "Computer equipment" means a telecommunications device or system, an automated information system, a computer on which an information system is automated, and computer software.
(6)  "Construction" means the erection, improvement, repair, renovation, or remodeling of a building.
(7)  "Equipment" means a fixed asset, other than land or a building, used by a state agency to conduct state business.  The term includes computer equipment.
(8)  "Obligation" means a bond, note, certificate of participation, certificate of obligation, or interest in a contract.
(9)  "State agency" means a board, commission, department, office, agency, institution of higher education, or other governmental entity in the executive, judicial, or legislative branch of state government.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1422, Sec. 1.01, eff. Sept. 1, 2001.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 1071 (H.B. 1524), Sec. 4, eff. September 1, 2019.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1232 - Texas Public Finance Authority › Subchapter A. General Provisions › Section 1232.004. State Lease Fund Account

Sec. 1232.004.  STATE LEASE FUND ACCOUNT.  (a)  The state lease fund account is an account in the general revenue fund and may be used only for a purpose designated by law.
(b)  The state lease fund account may be used to finance an appropriation to the commission or a state agency or directly to the authority on behalf of a state agency to pay required rents, fees, and installments to the authority.
(c)  After all obligations have been paid or provided for, the legislature may transfer money deposited in the state lease fund account to the Texas capital trust fund account for other purposes.
(d)  The amount in the state lease fund account that is in excess of amounts needed for debt service and is unencumbered shall be transferred at the end of each biennium to the undedicated portion of the general revenue fund.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1232 - Texas Public Finance Authority › Subchapter A. General Provisions › Section 1232.005. Application of State Funds Reform Act

Sec. 1232.005.  APPLICATION OF STATE FUNDS REFORM ACT.  All money paid to the authority under this chapter is subject to Subchapter F, Chapter 404.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1232 - Texas Public Finance Authority › Subchapter B. Texas Public Finance Authority › Section 1232.051. Texas Public Finance Authority

Sec. 1232.051.  TEXAS PUBLIC FINANCE AUTHORITY.  The Texas Public Finance Authority is a public authority and a body politic and corporate.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1232 - Texas Public Finance Authority › Subchapter B. Texas Public Finance Authority › Section 1232.052. Composition of Governing Board

Sec. 1232.052.  COMPOSITION OF GOVERNING BOARD.  (a)  The authority is governed by a board of directors composed of seven members appointed by the governor with the advice and consent of the senate.
(b)  A person is not eligible for appointment as a member of the board if the person or the person's spouse:
(1)  is employed by or participates in the management of a business entity or other organization receiving funds from the authority;
(2)  owns or controls, directly or indirectly, more than a 10 percent interest in a business entity or other organization receiving funds from the authority;  or
(3)  uses or receives a substantial amount of tangible goods, services, or funds from the authority, other than compensation or reimbursement authorized by law for board membership, attendance, or expenses.
(c)  Appointments to the board shall be made without regard to the race, color, disability, sex, religion, age, or national origin of the appointees.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 646, Sec. 2, eff. Sept. 1, 2001.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle B - Provisions Applicable to Securities Issued by State Government › Chapter 1232 - Texas Public Finance Authority › Subchapter B. Texas Public Finance Authority › Section 1232.053. Terms

Sec. 1232.053.  TERMS.  Members of the board are appointed for staggered terms of six years, with two or three members' terms expiring February 1 of each odd-numbered year.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 646, Sec. 3, eff. Sept. 1, 2001.