Sec. 264.049. APPROVAL AND REGISTRATION OF BONDS. (a) The authority shall submit to the attorney general the bonds issued under this chapter and the record relating to the issuance of those bonds.
(b) If the attorney general finds that the bonds were issued in accordance with this chapter, are valid and binding obligations of the authority, and are secured as recited in the bonds:
(1) the attorney general shall approve the bonds; and
(2) the comptroller shall register the bonds and certify the registration on the bonds.
(c) Following approval and registration, the bonds are incontestable.
(d) The bonds are negotiable and must 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 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Section: Previous 264.031 264.032 264.033 264.034 264.035 264.036 264.041 264.042 264.043 264.044 264.045 264.046 264.047 264.048 264.049Last modified: September 28, 2016