Texas Laws - Government Code
GOVERNMENT CODE
TITLE 9. PUBLIC SECURITIES

SUBCHAPTER F. EFFECT OF DECLARATORY JUDGMENT (74892)(1-click HTML)
Sec. 1205.151. EFFECT OF JUDGMENT. (74893)(1-click HTML)

(a) This section applies to a final judgment of a district court in an action under this chapter that holds that: (74894)

(1) the issuer had or has the authority on the terms set out in the issuer's petition to: (74895)

(A) issue the public securities; or (74896)

(B) take each public security authorization; and (74897)

(2) each public security authorization and expenditure of money relating to the public securities was legal. (74898)

(b) The judgment, as to each adjudicated matter and each matter that could have been raised, is binding and conclusive against: (74899)

(1) the issuer; (74900)

(2) the attorney general; (74901)

(3) the comptroller; and (74902)

(4) any party to the action, whether: (74903)

(A) named and served with the notice of the proceedings; or (74904)

(B) described by Section 1205.041(a). (74905)

(c) The judgment is a permanent injunction against the filing by any person of any proceeding contesting the validity of: (74906)

(1) the public securities, a public security authorization, or an expenditure of money relating to the public securities described in the petition; (74907)

(2) each provision made for the payment of the public securities or of any interest on the public securities; and (74908)

(3) any adjudicated matter and any matter that could have been raised in the action. (74909)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74910)

Sec. 1205.152. STATEMENT ON VALIDATED PUBLIC SECURITY. (74911)(1-click HTML)

(a) The issuer of a public security validated under this chapter may have written on the public security the following certificate: (74912)

"This obligation was validated and confirmed by a judgment entered ______________ (date when the judgment was entered; the court entering the judgment; and the style and number of the declaratory judgment action), which perpetually enjoins the commencement of any suit, action, or proceeding involving the validity of this obligation, or the provision made for the payment of the principal and interest of the obligation." (74913)

(b) The clerk, secretary, or other official of the issuer may sign the certificate. (74914)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74915)

   

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