Section 1202.007 - Exemptions; Construction of Exemptions(a) The following are exempt from the approval and registration requirements of this chapter: (1) a public security that is: (A) not subject to mandatory renewal or renewal at the option of any person, including the issuer, a holder, or a bearer; and(B) payable only out of:(i) current revenues or taxes collected in the year the public security is issued; or(ii) the proceeds of other public securities;(2) a certificate in evidence of benefit assessments;(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;(4) a time warrant issued under Chapter 252 or 262, Local Government Code;(5) a public security authorized by Chapter 1371;(6) a lease, lease-purchase, or installment sale obligation, except as provided by other law;(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(8) a nonnegotiable note issued under Section 45.108, Education Code, in a principal amount that does not exceed $1 million.(b) The exemptions provided by Subsection (a) shall be narrowly construed.(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.Tex. Gov't. Code § 1202.007
Amended by Acts 2013, Texas Acts of the 83rd Leg. - Regular Session, ch. 1018,Sec. 3, eff. 9/1/2013.Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.002, eff. 9/1/2001.Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. 9/1/1999.