reglab/statecodes huggingface dataset:
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 1205.023. Proceeding in Rem; Class Action

Sec. 1205.023.  PROCEEDING IN REM;  CLASS ACTION.  An action under this chapter is:
(1)  a proceeding in rem;  and
(2)  a class action binding on all persons who:
(A)  reside in the territory of the issuer;
(B)  own property located within the boundaries of the issuer;
(C)  are taxpayers of the issuer;  or
(D)  have or claim a right, title, or interest in any property or money to be affected by the public security authorization or the issuance of the public securities.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 3, 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 1205.024. Pleading Contents

Sec. 1205.024.  PLEADING CONTENTS.  The petition in an action under this chapter must briefly set out, by allegation, reference, or exhibit:
(1)  the issuer's authority to issue the public securities;
(2)  the purpose of the public securities;
(3)  the holding and result of any required election;
(4)  a copy of or a pertinent excerpt from each public security authorization, including any essential action or expenditure of money;
(5)  the amount or proposed maximum amount of the public securities;
(6)  the interest rate or rates or the proposed maximum interest rate of the public securities;
(7)  in a suit relating to the validity or organization of an issuer, the authority for and the proceedings relating to the creation of the issuer or a boundary change;  and
(8)  any other pertinent matter.
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 1205.025. Time for Bringing Action; Pendency of Other Proceedings

Sec. 1205.025.  TIME FOR BRINGING ACTION;  PENDENCY OF OTHER PROCEEDINGS.  An issuer may bring an action under this chapter:
(1)  concurrently with or after the use of another procedure to obtain a declaratory judgment, approval, or validation;
(2)  before or after the public securities are authorized, issued, or delivered;
(3)  before or after the attorney general approves the public securities;  and
(4)  regardless of whether another proceeding is pending in any court relating to a matter to be adjudicated in the suit.
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 C. Notice of Declaratory Judgment Action › Section 1205.041. Notice to Interested Parties

Sec. 1205.041.  NOTICE TO INTERESTED PARTIES.  (a)  The court in which an action under this chapter is brought shall, on receipt of the petition, immediately issue an order, in the form of a notice, directed to all persons who:
(1)  reside in the territory of the issuer;
(2)  own property located within the boundaries of the issuer;
(3)  are taxpayers of the issuer;  or
(4)  have or claim a right, title, or interest in any property or money to be affected by a public security authorization or the issuance of the public securities.
(b)  The order must, in general terms and without naming them, advise the persons described by Subsection (a) and the attorney general of their right to:
(1)  appear for trial at 10 a.m. on the first Monday after the 20th day after the date of the order;  and
(2)  show cause why the petition should not be granted and the public securities or the public security authorization validated and confirmed.
(c)  The order must give a general description of the petition but is not required to contain the entire petition or any exhibit attached to the petition.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 4, 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 C. Notice of Declaratory Judgment Action › Section 1205.042. Service of Notice on Attorney General; Waiver of Service

Sec. 1205.042.  SERVICE OF NOTICE ON ATTORNEY GENERAL;  WAIVER OF SERVICE.  (a)  A copy of the issuer's petition with all attached exhibits and a copy of the order issued under Section 1205.041(a) shall be served on the attorney general before the 20th day before the trial date.
(b)  The attorney general may waive the service if the attorney general has been provided a certified copy of the petition, order, and a transcript of each pertinent public security authorization relating to the matters described in the petition.
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 C. Notice of Declaratory Judgment Action › Section 1205.043. Publication of Notice

Sec. 1205.043.  PUBLICATION OF NOTICE.  (a)  The clerk of the court shall give notice by publishing a substantial copy of the order issued under Section 1205.041(a) in a newspaper of general circulation in:
(1)  Travis County;
(2)  the county where the issuer has its principal office;  and
(3)  if the issuer has defined boundaries, each county in which the issuer has territory.
(b)  The notice shall be published once in each of two consecutive calendar weeks, with the date of the first publication before the 14th day before the trial date.
(c)  If the issuer is this state, Subsection (a)(3) does not apply.
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 C. Notice of Declaratory Judgment Action › Section 1205.044. Effect of Publication

Sec. 1205.044.  EFFECT OF PUBLICATION.  The effect of notice given under Sections 1205.041 and 1205.043 is that:
(1)  each person described by Section 1205.041(a) is a party to the action;  and
(2)  the court has jurisdiction over each person to the same extent as if that person were individually named and personally served in the action.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 5, 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 D. Trial and Appeal Proceedings › Section 1205.061. Court's Power to Enjoin Other Proceedings

Sec. 1205.061.  COURT'S POWER TO ENJOIN OTHER PROCEEDINGS.  (a)  On the issuer's motion, before or after the trial date set under Section 1205.041, the court may enjoin the commencement, prosecution, or maintenance of any proceeding by any person that contests the validity of:
(1)  any organizational proceeding or boundary change of the issuer;
(2)  public securities that are described in the petition for declaratory judgment action;
(3)  a public security authorization relating to the public securities;
(4)  an action or expenditure of money relating to the public securities, a proposed action or expenditure, or both;
(5)  a tax, assessment, toll, fee, rate, or other charge authorized to be imposed or made for the payment of the public securities or interest on the public securities;  or
(6)  a pledge of any revenue, receipt, or property, or an encumbrance on a tax, assessment, toll, fee, rate, or other charge, to secure that payment.
(b)  The court may:
(1)  order a joint trial on all issues pending in any other proceeding in a court in this state and the consolidation of the proceeding with the action under this chapter;  and
(2)  issue necessary or proper orders to effect the consolidation that will avoid unnecessary costs or delays or a multiplicity of proceedings.
(c)  An interlocutory order issued under this section is final and may not be appealed.
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 D. Trial and Appeal Proceedings › Section 1205.062. Answer or Intervention by Interested Parties

Sec. 1205.062.  ANSWER OR INTERVENTION BY INTERESTED PARTIES.  A person described by Section 1205.041(a) may become a named party to an action brought under this chapter by:
(1)  filing an answer with the court at or before the time set for trial under Section 1205.041;  or
(2)  intervening, with leave of court, after the trial 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 1205 - Public Security Declaratory Judgment Actions › Subchapter D. Trial and Appeal Proceedings › Section 1205.063. Duties of Attorney General

Sec. 1205.063.  DUTIES OF ATTORNEY GENERAL.  (a)  The attorney general shall examine a petition filed under Section 1205.021, and shall raise appropriate defenses if the attorney general believes that:
(1)  the petition is defective, insufficient, or untrue;  or
(2)  the public securities are, or the public security authorization or an expenditure of money relating to the public securities is, or will be invalid or unauthorized.
(b)  If the attorney general does not question the validity of the public securities, the public security authorization, or an expenditure of money relating to the public securities or the security or provisions for the payment of the public securities, the attorney general may:
(1)  state that belief;  and
(2)  on a finding by the court to that effect, be dismissed as a party.
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 D. Trial and Appeal Proceedings › Section 1205.064. Inspection of Records of Issuer

Sec. 1205.064.  INSPECTION OF RECORDS OF ISSUER.  (a)  Each record of an issuer relating to the public securities, a public security authorization, or an expenditure of money relating to the public securities is open to inspection at reasonable times to any party to an action under this chapter.
(b)  Each officer, agent, or employee with possession, custody, or control of any book, paper, or record of the issuer shall, on demand of the attorney general:
(1)  allow examination of the book, paper, or record;  and
(2)  without cost, provide an authenticated copy that pertains to or may affect the legality of the public securities, public security authorization, or an expenditure of money relating to 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 D. Trial and Appeal Proceedings › Section 1205.065. Trial of Action

Sec. 1205.065.  TRIAL OF ACTION.  (a)  The court shall with the least possible delay:
(1)  hear and determine each legal or factual question in the declaratory judgment action;  and
(2)  render a final judgment.
(b)  Regardless of the pendency of an appeal from an order entered under Subchapter E, on motion of the issuer, the trial judge shall proceed 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 1205 - Public Security Declaratory Judgment Actions › Subchapter D. Trial and Appeal Proceedings › Section 1205.066. Court Costs and Other Expenses

Sec. 1205.066.  COURT COSTS AND OTHER EXPENSES.  (a)  An issuer that brings an action under this chapter shall pay costs of the action, except as provided by Subsection (b).
(b)  The court may require a person other than the attorney general who appears and contests or intervenes in the action to pay all or part of the costs as the court determines equitable and just.
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 D. Trial and Appeal Proceedings › Section 1205.067. Mileage and Travel Expenses of Attorney General

Sec. 1205.067.  MILEAGE AND TRAVEL EXPENSES OF ATTORNEY GENERAL.  (a)  If an action under this chapter is brought in a county other than Travis County, the issuer shall pay any mileage or travel expense of the attorney general or an assistant attorney general in the amount this state allows to an official of this state for travel on official business.
(b)  A claim for an expense under Subsection (a):
(1)  must be filed in duplicate with the clerk of the court in which the action is pending;  and
(2)  shall be taxed as a cost against the issuer.
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 D. Trial and Appeal Proceedings › Section 1205.068. Appeals

Sec. 1205.068.  APPEALS.  (a)  Any party to an action under this chapter may appeal to the appropriate court of appeals:
(1)  an order entered by the trial court under Section 1205.103 or 1205.104;  or
(2)  the judgment rendered by the trial court.
(b)  A party may take a direct appeal to the supreme court as provided by Section 22.001(c).
(c)  An order or judgment from which an appeal is not taken is final.
(d)  An order or judgment of a court of appeals may be appealed to the supreme court.
(e)  An appeal under this section is governed by the rules of the supreme court for accelerated appeals in civil cases and takes priority over any other matter, other than writs of habeas corpus, pending in the appellate court.  The appellate court shall render its final order or judgment with the least possible delay.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 6, 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 D. Trial and Appeal Proceedings › Section 1205.069. Legislative Continuances

Sec. 1205.069.  LEGISLATIVE CONTINUANCES.  Rule 254, Texas Rules of Civil Procedure, and Section 30.003, Civil Practice and Remedies Code, do not apply to a suit or an appeal under this chapter.
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 E. Security for Issuer › Section 1205.101. Security Against Suit

Sec. 1205.101.  SECURITY AGAINST SUIT.  (a)  Before the entry of final judgment in an action under this chapter, the issuer may file a motion with the court for an order that any opposing party or intervenor, other than the attorney general, be dismissed unless that person posts a bond with sufficient surety, approved by the court, and payable to the issuer for any damage or cost that may occur because of the delay caused by the continued participation of the opposing party or intervenor in the action if the issuer finally prevails and obtains substantially the judgment requested in its petition.
(b)  On receipt of a motion under Subsection (a), the court shall issue an order directed to the opposing party or intervenor, with a copy of the motion, to be served on the opposing party, the intervenor, or the party's attorney, personally or by registered mail, requiring the opposing party or intervenor to:
(1)  appear at the time and place directed by the court, not sooner than five nor later than 10 days after the date the order is entered;  and
(2)  show cause why the motion should not be granted.
(c)  The court may direct that motions relating to more than one party or intervenor be heard together.
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 E. Security for Issuer › Section 1205.102. Standard for Granting of Motion

Sec. 1205.102.  STANDARD FOR GRANTING OF MOTION.  The court shall grant an issuer's motion for security under Section 1205.101 unless, at the hearing on the motion, the opposing party or intervenor establishes that the person is entitled to a temporary injunction against the issuance 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 E. Security for Issuer › Section 1205.103. Amount of Bond

Sec. 1205.103.  AMOUNT OF BOND.  (a)  The court that grants a motion under this subchapter as to a particular opposing party or intervenor shall in the order set the amount of the bond to be posted by that person.
(b)  The bond must be in an amount determined by the court to be sufficient to cover any damage or cost, including an anticipated increase in interest rates or in a construction or financing cost, that may occur because of the delay caused by the continued participation of the opposing party or intervenor in the acts if the issuer finally prevails and obtains substantially the judgment requested in its petition.
(c)  The court may receive evidence at the hearing or during any adjournment relating to the amount of the potential damage or cost.
(d)  The court may allocate the amount of the bond among opposing parties and intervenors according to the extent of their participation.
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 E. Security for Issuer › Section 1205.104. Failure to File Bond

Sec. 1205.104.  FAILURE TO FILE BOND.  (a)  The court shall dismiss an opposing party or intervenor who does not file a required bond before the 11th day after the date of the entry of the order setting the amount of the bond.
(b)  A dismissal under this section is a final judgment of the court, unless appealed under Section 1205.068.
(c)  No court has further jurisdiction over any action to the extent that action involves any issue that was or could have been raised in the action under this chapter, other than an issue that may have been raised by an opposing party or intervenor who was not subject to the motion.
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 E. Security for Issuer › Section 1205.105. Appeal

Sec. 1205.105.  APPEAL.  (a)  An order setting the amount of a bond denying the motion of an issuer for a bond, or dismissing a party for failure to file a bond may be appealed under Section 1205.068.
(b)  An appellate court may:
(1)  modify an order of a lower court;  and
(2)  enter the modified order as the final order.
(c)  If an appeal is not taken or if the appeal is taken and the order of the lower court is affirmed or affirmed as modified, and the required bond is not posted before the 11th day after the date of the entry of the appropriate order, no court has further jurisdiction over any action to the extent it involves an issue that was or could have been raised in the action under this chapter, other than an issue that may have been raised by an opposing party or intervenor who was not subject to the motion.
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 F. Effect of Declaratory Judgment › Section 1205.151. Effect of Judgment

Sec. 1205.151.  EFFECT OF JUDGMENT.  (a)  This section applies to a final judgment of a district court in an action under this chapter that holds that:
(1)  the issuer had or has the authority on the terms set out in the issuer's petition to:
(A)  issue the public securities;  or
(B)  take each public security authorization;  and
(2)  each public security authorization and expenditure of money relating to the public securities was legal.
(b)  The judgment, as to each adjudicated matter and each matter that could have been raised, is binding and conclusive against:
(1)  the issuer;
(2)  the attorney general;
(3)  the comptroller;  and
(4)  any party to the action, whether:
(A)  named and served with the notice of the proceedings;  or
(B)  described by Section 1205.041(a).
(c)  The judgment is a permanent injunction against the filing by any person of any proceeding contesting the validity of:
(1)  the public securities, a public security authorization, or an expenditure of money relating to the public securities described in the petition;
(2)  each provision made for the payment of the public securities or of any interest on the public securities;  and
(3)  any adjudicated matter and any matter that could have been raised in the action.
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 F. Effect of Declaratory Judgment › Section 1205.152. Statement on Validated Public Security

Sec. 1205.152.  STATEMENT ON VALIDATED PUBLIC SECURITY.  (a)  The issuer of a public security validated under this chapter may have written on the public security the following certificate:
"This obligation was validated and confirmed by a judgment entered ______________ (date when the judgment was entered;  the court entering the judgment;  and the style and number of the declaratory judgment action), which perpetually enjoins the commencement of any suit, action, or proceeding involving the validity of this obligation, or the provision made for the payment of the principal and interest of the obligation."
(b)  The clerk, secretary, or other official of the issuer may sign the certificate.
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 1206 - Replacement for Damaged, Destroyed, Lost, or Stolen Public Securities › Subchapter A. Replacement Procedures in Absence of Procedures Prescribed in Original Bond Resolution, Order, or Ordinance › Section 1206.001. Definition

Sec. 1206.001.  DEFINITION.  In this subchapter, "issuer" means this state, a department, agency, or instrumentality of this state, or a municipal corporation or other political subdivision of this state that is authorized to borrow money and issue 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 1206 - Replacement for Damaged, Destroyed, Lost, or Stolen Public Securities › Subchapter A. Replacement Procedures in Absence of Procedures Prescribed in Original Bond Resolution, Order, or Ordinance › Section 1206.002. Issuance of Replacement Bond

Sec. 1206.002.  ISSUANCE OF REPLACEMENT BOND.  (a)  An issuer may, without an election, issue a bond:
(1)  to be exchanged for a damaged bond;  or
(2)  to replace a destroyed, lost, or stolen bond.
(b)  A replacement bond may be issued under this subchapter only for a bond that is outstanding and that was lawfully issued.
(c)  A replacement bond issued under Subsection (a)(2) must be issued on indemnity satisfactory to:
(1)  the issuer;  and
(2)  the trustee if the bond being replaced is secured by a trust indenture.
(d)  An issuer may require an affidavit or another form of evidence satisfactory to the issuer to establish ownership and the circumstances of the damage, destruction, loss, or theft of the bond.
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 1206 - Replacement for Damaged, Destroyed, Lost, or Stolen Public Securities › Subchapter A. Replacement Procedures in Absence of Procedures Prescribed in Original Bond Resolution, Order, or Ordinance › Section 1206.003. Effect and Form of Replacement Bond

Sec. 1206.003.  EFFECT AND FORM OF REPLACEMENT BOND.  (a)  A replacement bond issued under this subchapter must be of like tenor and effect as the bond that it is issued to replace.
(b)  A replacement bond issued under this subchapter must bear a date specified by the issuer and must be signed as provided by law by the officers of the issuer holding office when the replacement bond is 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 1206 - Replacement for Damaged, Destroyed, Lost, or Stolen Public Securities › Subchapter A. Replacement Procedures in Absence of Procedures Prescribed in Original Bond Resolution, Order, or Ordinance › Section 1206.004. Attorney General Approval

Sec. 1206.004.  ATTORNEY GENERAL APPROVAL.  (a)  A replacement bond issued under this subchapter must be submitted to the attorney general for approval.
(b)  If the attorney general finds that the replacement bond has been issued in accordance with this subchapter, the attorney general shall:
(1)  approve the bond;  and
(2)  send the bond to the comptroller for registration.
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 1206 - Replacement for Damaged, Destroyed, Lost, or Stolen Public Securities › Subchapter A. Replacement Procedures in Absence of Procedures Prescribed in Original Bond Resolution, Order, or Ordinance › Section 1206.005. Registration

Sec. 1206.005.  REGISTRATION.  (a)  The comptroller shall register a replacement bond received under Section 1206.004 in the same manner as the original bond was registered, giving it the same registration number as the original bond, except that the registration number must be preceded by the letter "R."
(b)  The comptroller shall date the registration certificate as of the date of registration of the replacement bond.
(c)  Before registering a bond issued to replace a damaged bond, the comptroller shall cancel the bond being replaced and return that bond to the issuer.  The comptroller shall register another bond authorized under this subchapter on certification from the attorney general that the bond is being issued to replace a lost, stolen, or destroyed bond.
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 1206 - Replacement for Damaged, Destroyed, Lost, or Stolen Public Securities › Subchapter A. Replacement Procedures in Absence of Procedures Prescribed in Original Bond Resolution, Order, or Ordinance › Section 1206.006. Form and Identity Changes

Sec. 1206.006.  FORM AND IDENTITY CHANGES.  (a)  An applicant to the comptroller for replacement under this subchapter of a bond that is damaged, destroyed, lost, or stolen and that, as described in the application, does not appear in the comptroller's records in the form and bear the identity originally registered by the comptroller must provide to the comptroller a chronology of the changes from the original, registered form and identity.
(b)  The chronology must enable the comptroller, under the comptroller's rules, to trace the changes in form and identity of the bond to the original, registered form and identity.
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 1206 - Replacement for Damaged, Destroyed, Lost, or Stolen Public Securities › Subchapter B. Replacement Procedures as Prescribed in Original Public Security Authorization › Section 1206.021. Definitions

Sec. 1206.021.  DEFINITIONS.  In this subchapter, "issuer," "public security," and "public security authorization" have the meanings assigned by Section 1201.002.
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 1206 - Replacement for Damaged, Destroyed, Lost, or Stolen Public Securities › Subchapter B. Replacement Procedures as Prescribed in Original Public Security Authorization › Section 1206.022. Prescription of Procedures in Original Public Security Authorization

Sec. 1206.022.  PRESCRIPTION OF PROCEDURES IN ORIGINAL PUBLIC SECURITY AUTHORIZATION.  The governing body of an issuer may provide procedures for the replacement of lost, stolen, destroyed, or mutilated public securities or interest coupons in the manner prescribed 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 1206 - Replacement for Damaged, Destroyed, Lost, or Stolen Public Securities › Subchapter B. Replacement Procedures as Prescribed in Original Public Security Authorization › Section 1206.023. Exception to Approval Requirement

Sec. 1206.023.  EXCEPTION TO APPROVAL REQUIREMENT.  (a)  If the duty to replace a public security or interest coupon is imposed on a corporate trustee under a trust agreement or indenture 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 replacement public security or interest coupon;  or
(2)  the public security delivered on exchange of the previously issued public security.
(b)  A replacement public security or interest coupon 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 1207 - Refunding Bonds › Subchapter A. General Provisions › Section 1207.001. Definitions

Sec. 1207.001.  DEFINITIONS.  In this chapter:
(1)  "Issuer" means this state or any department, board, authority, agency, subdivision, municipal corporation, district, public corporation, body politic, or instrumentality of this state which has the power to borrow money and issue bonds, notes, or other evidences of indebtedness.  The term includes a county, municipality, state-supported institution of higher education, junior college district, regional college district, school district, hospital district, water district, road district, navigation district, conservation district, and any other kind or type of political or governmental entity.
(2)  "Paying agent" means the person, including the bank or trust company, at whose location payment of refunded obligations is to be made.
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 A. General Provisions › Section 1207.002. Authority to Issue

Sec. 1207.002.  AUTHORITY TO ISSUE.  An issuer may issue refunding bonds under this chapter to refund all or any part of the issuer's outstanding bonds, notes, or other general or special obligations.
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 A. General Provisions › Section 1207.003. Election

Sec. 1207.003.  ELECTION.  (a)  Refunding bonds may be issued without an election in connection with the issuance of the refunding bonds or the creation of an encumbrance in connection with the refunding bonds, except as provided by Subsection (b).
(b)  If the constitution of this state requires an election to permit a procedure, action, or matter pertaining to refunding bonds, an election to authorize the procedure, action, or matter shall be held substantially in accordance, to the extent appropriate, with Chapter 1251.
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 A. General Provisions › Section 1207.004. Combination Issuance

Sec. 1207.004.  COMBINATION ISSUANCE.  Under the terms and with the security set forth in the proceedings that authorize the issuance of the refunding bonds, a governmental entity may issue refunding bonds:
(1)  in combination with new bonds;
(2)  with provision for the subsequent issuance of additional parity bonds or subordinate lien bonds;  or
(3)  both in combination with new bonds and with provision for the subsequent issuance of additional 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 1207 - Refunding Bonds › Subchapter A. General Provisions › Section 1207.005. Sources Available for Payment

Sec. 1207.005.  SOURCES AVAILABLE FOR PAYMENT.  Except as provided by Section 1207.0621, a refunding bond may be secured by and made payable from taxes, revenue, or both, another source, or a combination of sources to the extent the issuer is otherwise authorized to secure or pay any type of bond by or from that source or those sources.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended 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 A. General Provisions › Section 1207.006. Maturity

Sec. 1207.006.  MATURITY.  A refunding bond issued under this chapter must mature not later than 40 years after its 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 1207 - Refunding Bonds › Subchapter A. General Provisions › Section 1207.007. Delegation of Authority

Sec. 1207.007.  DELEGATION OF AUTHORITY.  (a)  In connection with the issuance of refunding bonds, the governing body of an issuer may:
(1)  authorize the maximum principal amount of refunding bonds that may be issued and the maximum rate of interest to be borne by the bonds;
(2)  identify the potential bonds, notes, or other general or special obligations that may be refunded;
(3)  recite the public purpose for which the refunding bonds are to be issued;  and
(4)  delegate to any officer or employee of the issuer the authority to:
(A)  select any specific maturities or series of bonds, notes, or other general or special obligations to be refunded;  and
(B)  effect the sale of the refunding bonds.
(b)  In exercising the authority delegated by the governing body of the issuer to the officer or employee, the officer or employee may establish the terms and details related to the issuance and sale or exchange of the refunding bonds, including:
(1)  the form and designation of the refunding bonds;
(2)  the principal amount of the refunding bonds and the amount of the refunding bonds to mature in each year;
(3)  the dates, price, interest rates, interest payment dates, principal payment dates, and redemption features of the refunding bonds;
(4)  the form of escrow agreement described by Section 1207.062;  and
(5)  any other details relating to the issuance and sale or exchange of the refunding bonds as specified by the governing body of the issuer in the proceedings authorizing the issuance of the refunding bonds.
(c)  A finding or determination made by an officer or employee acting under the authority delegated to the officer or employee has the same force and effect as a finding or determination made by the governing body of the issuer.
Added by Acts 1999, 76th Leg., ch. 1064, Sec. 7, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1207 - Refunding Bonds › Subchapter A. General Provisions › Section 1207.008. Limitation

Sec. 1207.008.  LIMITATION.  (a)  An issuer may not issue refunding bonds if the aggregate amount of payments to be made under the refunding bonds exceeds the aggregate amount of payments that would have been made under the terms of the obligations being refunded unless:
(1)  the governing body of the issuer, in the proceedings authorizing the issuance of the refunding bonds, finds that the issuance is in the best interests of the issuer;  and
(2)  the maximum amount by which the aggregate amount of payments to be made under the refunding bonds exceeds the aggregate amount of payments that would have been made under the terms of the obligations being refunded is specified in the proceedings.
(b)  An issuer is not required to comply with Subsection (a)(2) if the governing body of the issuer determines and states in the proceedings authorizing the issuance of the refunding bonds that the manner in which the refunding is being executed does not make it practicable to make the determination required by that subsection.
Added by Acts 1999, 76th Leg., ch. 1064, Sec. 7, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 769, Sec. 4, eff. Sept. 1, 2001.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle A - General Provisions › Chapter 1207 - Refunding Bonds › Subchapter B. Advance Refunding Procedures › Section 1207.021. Authority to Deposit With Comptroller

Sec. 1207.021.  AUTHORITY TO DEPOSIT WITH COMPTROLLER.  (a)  An issuer is entitled to deposit with the comptroller an amount of money equal to the sum of:
(1)  the principal amount of the bonds, notes, or other obligations to be refunded;
(2)  the interest that will accrue on those bonds, notes, or other obligations computed to the due date or redemption date;  and
(3)  any required redemption premium.
(b)  At the time a deposit is made under Subsection (a), the issuer shall deliver to the comptroller a certified copy of the proceedings that authorize the issuance of the obligations to be refunded, or a certified excerpt from those proceedings, that clearly shows:
(1)  each amount of interest and the date on which that amount of interest is due on the obligations to be refunded;
(2)  the date the principal is subject to redemption;  and
(3)  the name and address of the paying agent.
(c)  The comptroller may rely on a certificate by the issuer as to the amount of the charges made by the paying agent.
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 1207.022. Limitation

Sec. 1207.022.  LIMITATION.  An issuer may issue refunding bonds to make a deposit under this subchapter or Subchapter C only in connection with refunding bonds issued to refund obligations that are:
(1)  scheduled to mature not later than the 20th anniversary of the date of the refunding bonds;  or
(2)  subject to redemption before maturity not later than the 20th anniversary of the date of the refunding bonds.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 8, 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 1207.023. Amount of Principal

Sec. 1207.023.  AMOUNT OF PRINCIPAL.  Refunding bonds for which a deposit is made under this subchapter or Subchapter C may be issued in an additional amount sufficient to:
(1)  pay the cost and expense of issuing the bonds;  or
(2)  finance a debt service reserve, contingency, or other similar fund the issuer considers necessary or 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 A - General Provisions › Chapter 1207 - Refunding Bonds › Subchapter B. Advance Refunding Procedures › Section 1207.024. Methods and Terms of Sale

Sec. 1207.024.  METHODS AND TERMS OF SALE.  (a)  Refunding bonds issued to make a deposit under this subchapter or Subchapter C shall be sold for cash in a principal amount necessary to provide all or part of the money required to:
(1)  pay the principal of the obligations to be refunded and the interest to accrue on those obligations to their maturity;  or
(2)  redeem the obligations to be refunded, before maturity, on the date or dates the obligations are subject to redemption, including the principal, interest to accrue on the obligations to their redemption date or dates, and any required redemption premium.
(b)  The refunding bonds:
(1)  shall be sold under the terms and procedures for the sale as determined by the governing body of the issuer;  and
(2)  may be sold at public or private sale.
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 1207.025. Registration Before Deposit; Registration Without Cancellation of Obligations to Be Refunded

Sec. 1207.025.  REGISTRATION BEFORE DEPOSIT;  REGISTRATION WITHOUT CANCELLATION OF OBLIGATIONS TO BE REFUNDED.  (a)  The comptroller may register refunding bonds as provided by Chapter 1202 before a deposit required by this subchapter or Subchapter C is made.
(b)  If the issuer has complied with each applicable requirement of this chapter, the comptroller shall register refunding bonds issued to make a deposit under this subchapter without the surrender, exchange, or cancellation of the obligations to be refunded.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 9, 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 1207.026. Use of Sale Proceeds to Make Deposit; Rights Not Dependent on Cancellation of Obligations to Be Refunded

Sec. 1207.026.  USE OF SALE PROCEEDS TO MAKE DEPOSIT;  RIGHTS NOT DEPENDENT ON CANCELLATION OF OBLIGATIONS TO BE REFUNDED.  (a)  An issuer may sell and deliver refunding bonds that have been registered with the comptroller so as to permit the issuer, in a timely manner determined by the issuer, to use proceeds from the sale to make all or any part of a deposit under this chapter.
(b)  An issuer that has complied with this chapter may issue, register, sell, or deliver a refunding bond in lieu of the obligation to be refunded regardless of whether:
(1)  the holder of the obligation to be refunded has surrendered or presented the obligation for payment and cancellation;  or
(2)  the obligation to be refunded has been canceled.
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 1207.027. Comptroller to Accept and Keep Safe Deposits

Sec. 1207.027.  COMPTROLLER TO ACCEPT AND KEEP SAFE DEPOSITS.  (a)  The comptroller shall:
(1)  accept each deposit, payment, or instrument received under this subchapter;  and
(2)  safely keep and use the money only for a purpose specified in this subchapter.
(b)  Money deposited with the comptroller under this subchapter may not be:
(1)  used by or for the benefit of this state or for the benefit of a creditor of this state, except as provided by Section 1207.032;  or
(2)  commingled with other money.
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 1207.028. Comptroller to Send and Record Deposit or Payment

Sec. 1207.028.  COMPTROLLER TO SEND AND RECORD DEPOSIT OR PAYMENT.  (a)  After receipt of a deposit or payment under this subchapter, the comptroller shall immediately and by the most expeditious means send to the paying agent for the obligation being refunded an amount equal to the deposit or payment less the amount of any fee charged under Section 1207.032.
(b)  The comptroller shall notify the paying agent to send to the comptroller the obligation being refunded.
(c)  After the comptroller has made a record of its payment and cancellation, the comptroller shall send the obligation being refunded and any interest coupon to the issuer.
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 1207.029. Selection of Paying Agent

Sec. 1207.029.  SELECTION OF PAYING AGENT.  If there is more than one paying agent for an obligation being refunded, the comptroller shall send the money directly to:
(1)  the paying agent located in this state, if only one paying agent is located in this state;
(2)  the paying agent located in this state having the largest capital and surplus, if more than one paying agent is located in this state;  or
(3)  the paying agent having the largest capital and surplus, if no paying agent is located in this state and more than one paying agent is located in another 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 1207 - Refunding Bonds › Subchapter B. Advance Refunding Procedures › Section 1207.030. Establishment and Use of Trust Fund

Sec. 1207.030.  ESTABLISHMENT AND USE OF TRUST FUND.  (a)  The paying agent shall deposit the money received from the comptroller, except that amount representing the charges of the paying agent, in an interest and sinking fund to be established and maintained as a trust fund for the payment of the obligation being refunded.
(b)  The paying agent shall, from the interest and sinking fund, pay or redeem the obligations to be refunded when properly presented for payment or redemption.
(c)  If there is more than one paying agent, the agent to whom the comptroller sent the money under Section 1207.029 shall make appropriate financial arrangements to ensure that the necessary money will be available to any other paying agent to pay or redeem an obligation to be refunded when presented for payment or redemption.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.