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Texas Codes
LOCAL GOVERNMENT CODETitle 8 - ACQUISITION, SALE, OR LEASE OF PROPERTYSubtitle C - ACQUISITION, SALE, OR LEASE PROVISIONS APPLYING TO MORE THAN ONE TYPE OF LOCAL GOVERNMENTChapter 271 - PURCHASING AND CONTRACTING AUTHORITY OF MUNICIPALITIES, COUNTIES, AND CERTAIN OTHER LOCAL GOVERNMENTS
Subchapter C - CERTIFICATE OF OBLIGATION ACT
Section 271.053 - Certificates As Debt and Security

Tex. Loc. Gov't Code § 271.053

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Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
Section 271.053 - Certificates As Debt and Security

Certificates are debts of the issuer within the meaning of Article XI, Sections 5 and 7, of the Texas Constitution. When delivered, certificates are "security" within the meaning of Chapter 8, Business & Commerce Code, and are general obligations of the issuer within the meaning of Subchapters A and D, Chapter 1207, Government Code.

Tex. Loc. Gov't. Code § 271.053

Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.298, eff. 9/1/2001.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. 9/1/1987.