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

Sec. 1205.103. AMOUNT OF BOND. (74874)(Text)

(a) The court that grants a motion under this subchapter as to a particular opposing party or intervenor shall in the order set the amount of the bond to be posted by that person. (74875)

(b) The bond must be in an amount determined by the court to be sufficient to cover any damage or cost, including an anticipated increase in interest rates or in a construction or financing cost, that may occur because of the delay caused by the continued participation of the opposing party or intervenor in the acts if the issuer finally prevails and obtains substantially the judgment requested in its petition. (74876)

(c) The court may receive evidence at the hearing or during any adjournment relating to the amount of the potential damage or cost. (74877)

(d) The court may allocate the amount of the bond among opposing parties and intervenors according to the extent of their participation. (74878)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74879)

Sec. 1205.104. FAILURE TO FILE BOND. (74880)(Text)

(a) The court shall dismiss an opposing party or intervenor who does not file a required bond before the 11th day after the date of the entry of the order setting the amount of the bond. (74881)

(b) A dismissal under this section is a final judgment of the court, unless appealed under Section 1205.068. (74882)

(c) No court has further jurisdiction over any action to the extent that action involves any issue that was or could have been raised in the action under this chapter, other than an issue that may have been raised by an opposing party or intervenor who was not subject to the motion. (74883)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74884)

Sec. 1205.105. APPEAL. (74885)(Text)

(a) An order setting the amount of a bond denying the motion of an issuer for a bond, or dismissing a party for failure to file a bond may be appealed under Section 1205.068. (74886)

(b) An appellate court may: (74887)

(1) modify an order of a lower court; and (74888)

(2) enter the modified order as the final order. (74889)

(c) If an appeal is not taken or if the appeal is taken and the order of the lower court is affirmed or affirmed as modified, and the required bond is not posted before the 11th day after the date of the entry of the appropriate order, no court has further jurisdiction over any action to the extent it involves an issue that was or could have been raised in the action under this chapter, other than an issue that may have been raised by an opposing party or intervenor who was not subject to the motion. (74890)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74891)

SUBCHAPTER F. EFFECT OF DECLARATORY JUDGMENT (74892)(Text)
Sec. 1205.151. EFFECT OF JUDGMENT. (74893)(Text)

(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)(Text)

(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)

CHAPTER 1206. REPLACEMENT FOR DAMAGED, DESTROYED, LOST, OR STOLEN PUBLIC SECURITIES (74916)(Text)

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