Texas Education Code - Section 53.40. Approval Of Bonds; Registration; Negotiability
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§ 53.40. APPROVAL OF BONDS; REGISTRATION;
NEGOTIABILITY. Bonds issued under this chapter and the record
relating to their issuance shall be submitted to the attorney
general, and if he finds that they have been issued in accordance
with this chapter and constitute valid and binding obligations of
the authority and are secured as recited therein he shall approve
them, and they shall be registered by comptroller of public
accounts who shall certify the registration thereon. Thereafter
they are incontestable. The bonds shall be negotiable and shall
contain the following provision: "The holder hereof shall never
have the right to demand payment thereof out of money raised or to
be raised by taxation."
Acts 1971, 62nd Leg., p. 3072, ch. 1024, art. 1, § 1, eff. Sept.
1, 1971. Amended by Acts 2005, 79th Leg., ch. 641, § 1, eff.
Sept. 1, 2005.
Section: 53.34 53.35 53.351 53.36 53.37 53.38 53.39 53.40 53.41 53.42 53.43 53.44 53.45 53.46 53.48
Last modified: August 10, 2007
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