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.
Section: Previous 1231.001 1231.002 1231.021 1231.022 1231.023 1231.041 1231.042 1231.043 1231.044 1231.061 1231.062 1231.063 1231.081 1231.082 1231.083 NextLast modified: September 28, 2016