Tex. Loc. Gov't Code § 394.056

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 394.056 - Bond As Security

(a) A bond issued under this chapter or a coupon representing interest on the bond is, when delivered, a security as that term is defined under Chapter 8 of the Uniform Commercial Code (Chapter 8, Title 1, Business & Commerce Code) and is an exempt security under The Securities Act (Title 12, Government Code) .

(b) A contract made under this chapter is not a security under The Securities Act.

Tex. Loc. Gov't. Code § 394.056

Amended by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. TBD,Sec. 2.36, eff. 1/1/2022.

Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. 9/1/1987.