Texas Transportation Code - Section 54.155. Registration Of Refunding Obligations By Comptroller
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§ 54.155. REGISTRATION OF REFUNDING OBLIGATIONS BY
COMPTROLLER. (a) Except as provided by Subsection (b), the
comptroller shall register refunding obligations on surrender and
cancellation of the obligations to be refunded.
(b) The comptroller shall register refunding obligations
without the surrender and cancellation of the obligations to be
refunded if the ordinance or resolution authorizing the issuance of
the refunding obligations requires that:
(1) the obligations be sold at public or private sale;
and
(2) the proceeds from the sale be deposited:
(A) in a place where the underlying obligations
are payable; or
(B) with the comptroller.
(c) Refunding obligations to which Subsection (b) applies
may be issued in an amount sufficient to pay the principal of and
interest on the obligations to be refunded to the option or maturity
date of the obligations.
Added by Acts 1999, 76th Leg., ch. 227, § 20, eff. Sept. 1, 1999.
Section: 54.112 54.113 54.114 54.151 54.152 54.153 54.154 54.155 54.156 55.001 55.002 55.003 55.004 55.005 55.006
Last modified: August 10, 2007
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