Texas Transportation Code

§ 54.155 — REGISTRATION OF REFUNDING OBLIGATIONS BY COMPTROLLER

TN § 54.155Title 4. NAVIGATION · Part A. WATERWAYS AND PORTS · Ch. 54. HARBOR AND PORT FACILITIES IN CERTAIN MUNICIPALITIES · Art. D. REFUNDING OBLIGATIONS

Statute text

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(a)Except as provided by Subsection (b), the comptroller shall register refunding obligations on surrender and cancellation of the obligations to be refunded.

(b)The comptroller shall register refunding obligations without the surrender and cancellation of the obligations to be refunded if the ordinance or resolution authorizing the issuance of the refunding obligations requires that:

(1)the obligations be sold at public or private sale; and

(2)the proceeds from the sale be deposited:

(A)in a place where the underlying obligations are payable; or

(B)with the comptroller.

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Legislative history

Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, eff. Sept. 1, 1999.