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Texas Laws | Government Code
GOVERNMENT CODE
TITLE 8. PUBLIC RETIREMENT SYSTEMS

Added by Acts 2013, 83rd Leg., R.S., Ch. 1316 (S.B. 220), Sec. 1.23, eff. June 14, 2013. (74286)

TITLE 9. PUBLIC SECURITIES (74287)(Text)

SUBTITLE A. GENERAL PROVISIONS (74288)(Text)

CHAPTER 1201. PUBLIC SECURITY PROCEDURES ACT (74289)(Text)
Sec. 1201.001. SHORT TITLE. (74290)(Text)

This chapter may be cited as the Public Security Procedures Act. (74291)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74292)

Sec. 1201.002. DEFINITIONS. (74293)(Text)

In this chapter: (74294)

(1) "Issuer" means: (74295)

(A) an agency, authority, board, body politic, department, district, instrumentality, municipal corporation, political subdivision, public corporation, or subdivision of this state; or (74296)

(B) a nonprofit corporation acting for or on behalf of an entity described by Paragraph (A). (74297)

(2) "Public security" means an instrument, including a bond, certificate, note, or other type of obligation authorized to be issued by an issuer under a statute, a municipal home-rule charter, or the constitution of this state. (74298)

(3) "Public security authorization" means a resolution, order, or ordinance that is approved or adopted, or any other action taken in a proceeding, by the governing body of an issuer in authorizing the issuance of a public security. (74299)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74300)

Sec. 1201.003. APPLICABILITY. (74301)(Text)

This chapter applies to: (74302)

(1) an original public security; (74303)

(2) a refunding public security; (74304)

(3) an exchanged or converted public security; or (74305)

(4) any combination of those securities. (74306)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74307)

Sec. 1201.004. CONSTRUCTION. (74308)(Text)

This chapter shall be liberally construed to achieve the legislative intent and purposes of this chapter. A power granted by this chapter shall be broadly interpreted to achieve that intent and those purposes. (74309)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74310)

Sec. 1201.005. CONTENTS OF PUBLIC SECURITY AUTHORIZATION. (74311)(Text)

To the extent applicable to an authorized public security, the public security authorization for the public security must contain each item or other matter authorized or described by Subchapter B and Sections 1201.061 and 1201.063. (74312)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74313)

SUBCHAPTER B. ISSUANCE AND APPROVAL OF PUBLIC SECURITY (74314)(Text)
Sec. 1201.021. CHARACTERISTICS OF PUBLIC SECURITY. (74315)(Text)

A public security may: (74316)

(1) be issued in any denomination; (74317)

(2) bear no interest or bear interest at one or more specified rates; (74318)

(3) be issued with one or more interest coupons or without a coupon; (74319)

(4) be issued as redeemable before maturity at one or more specified times; and (74320)

(5) be payable: (74321)

(A) at one or more times; (74322)

(B) in installments or a specified amount or amounts; (74323)

(C) at a specified place or places; (74324)

(D) under specified terms; and (74325)

(E) in a specified form or manner. (74326)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74327)

Sec. 1201.022. TERMS OF ISSUANCE. (74328)(Text)

(a) A public security may be: (74329)

(1) issued singly or in a series; (74330)

(2) made payable in a specified amount or amounts or installments to: (74331)

(A) the bearer; (74332)

(B) a registered or named person; (74333)

(C) the order of a registered or named person; or (74334)

(D) a successor or assign of a registered or named person; (74335)

(3) issued to be sold: (74336)

(A) at a public or private sale; and (74337)

(B) under the terms determined by the governing body of the issuer to be in the issuer's best interests; and (74338)

(4) issued with other specified characteristics, on additional specified terms, or in a specified manner. (74339)

(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. (74340)

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. (74341)

Sec. 1201.023. UNCERTIFICATED BOOK-ENTRY ISSUANCE. (74342)(Text)

(a) The governing body of an issuer may provide for a book-entry record of ownership of a public security issued by the issuer. A public security may be issued in uncertificated book-entry form. (74343)

(b) The record of ownership of a public security issued in uncertificated book-entry form may be kept by the issuer or an agent of the issuer. (74344)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74345)

Sec. 1201.024. FORM OF PUBLIC SECURITY. (74346)(Text)

(a) A public security may be: (74347)

(1) issued in a specified form or forms; (74348)

(2) issued with one or more interest coupons; (74349)

(3) registrable as to principal and interest or only as to principal; and (74350)

(4) changed in form in a specific manner. (74351)

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