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Texas Laws | Government Code

(ii) the proceeds of other public securities; (74565)

(2) a certificate in evidence of benefit assessments; (74566)

(3) a certificate of obligation, including a claim or account that represents an undivided interest in a certificate of obligation, that under Subchapter C, Chapter 271, Local Government Code, an issuer is authorized to deliver to a contractor; (74567)

(4) a time warrant issued under Chapter 252 or 262, Local Government Code; (74568)

(5) a public security authorized by Chapter 1371; (74569)

(6) a lease, lease-purchase, or installment sale obligation, except as provided by other law; (74570)

(7) a public security that by rule the attorney general exempts because it is not practical to require approval before the public security's issuance; and (74571)

(8) a nonnegotiable note issued under Section 45.108, Education Code, in a principal amount that does not exceed $1 million. (74572)

(b) The exemptions provided by Subsection (a) shall be narrowly construed. (74573)

(c) An issuer that issues a public security that is exempt under Subsection (a) may submit the public security to the attorney general as provided by this chapter. (74574)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.002, eff. Sept. 1, 2001. (74575)

Amended by: (74576)

Acts 2013, 83rd Leg., R.S., Ch. 1018 (H.B. 2610), Sec. 3, eff. September 1, 2013. (74577)


(a) In reviewing public securities under this chapter, the attorney general may collect, in the form required by the Bond Review Board, information on public securities issued by a municipal corporation or political subdivision of this state. (74579)

(b) The information must include: (74580)

(1) the terms of the public securities; (74581)

(2) the debt service payable on the public securities; and (74582)

(3) other information required by the Bond Review Board. (74583)

(c) The attorney general shall send the information to the Bond Review Board for inclusion in the board's report of debt statistics under Section 1231.062. (74584)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74585)

Sec. 1203.001. DEFINITIONS. (74587)(Text)

In this chapter: (74588)

(1) "Fully registrable," with respect to a public security, means that: (74589)

(A) the principal of and interest on the public security are payable only to the registered owner of the public security; (74590)

(B) the principal of the public security is payable on presentation of the public security at the place of payment; and (74591)

(C) the interest on the public security is payable to the registered owner of the public security at the most recent address of that owner as shown on the books of the registrar. (74592)

(2) "Issuer" means this state or a department, board, authority, agency, district, municipal corporation, political subdivision, instrumentality, or other political corporation of this state that is authorized to issue public securities. (74593)

(3) "Public security" means a bond, note, certificate of obligation, certificate of indebtedness, or other obligation for the payment of money lawfully issued by an issuer. (74594)

(4) "Public security authorization" means the resolution, order, or ordinance authorizing the issuance of a public security. (74595)

(5) "Registered owner" means: (74596)

(A) the payee named in a fully registrable public security; or (74597)

(B) the legal representative of or successor to that payee. (74598)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74599)

Sec. 1203.002. EFFECT ON UNIFORM COMMERCIAL CODE. (74600)(Text)

This chapter does not: (74601)

(1) qualify Title 1, Business & Commerce Code; or (74602)

(2) limit the negotiability of a public security as provided by that title. (74603)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74604)

Sec. 1203.003. CONFLICT WITH MUNICIPAL CHARTER. (74605)(Text)

To the extent of a conflict between this chapter and a municipal charter, this chapter controls. (74606)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74607)


(a) The public security authorization that authorizes a fully registrable public security shall designate the registrar for the security. (74610)

(b) The registrar may be: (74611)

(1) the comptroller; (74612)

(2) a home-rule municipality with a population of more than 100,000, as to a security of the municipality; (74613)

(3) a county with a population of more than 100,000, as to a security of the county; (74614)

(4) a bank, including a commercial bank, at which the principal of the security is payable; or (74615)

(5) a trust company organized under a law of this state. (74616)

(c) Designation of a county as registrar for a public security issued by the county is effective only if the commissioners court of the county makes the designation with regard to an issuance of debt. (74617)

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