Sec. 1201.022. TERMS OF ISSUANCE. (a) A public security may be:
(1) issued singly or in a series;
(2) made payable in a specified amount or amounts or installments to:
(A) the bearer;
(B) a registered or named person;
(C) the order of a registered or named person; or
(D) a successor or assign of a registered or named person;
(3) issued to be sold:
(A) at a public or private sale; and
(B) under the terms determined by the governing body of the issuer to be in the issuer's best interests; and
(4) issued with other specified characteristics, on additional specified terms, or in a specified manner.
(b) The governing body of a county or municipality that issues bonds that are to be paid from ad valorem taxes may provide that the bonds are to mature serially over a specified number of years, not to exceed 40.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 769, Sec. 1, eff. Sept. 1, 2001.
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