Tex.
Gov't Code 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 (Short Title), Chapter 271 (Purchasing and Contracting Authority of Municipalities, Counties, and Certain Other Local Governments), Local Government Code, an issuer is authorized to deliver to a contractor;(4)
a time warrant issued under Chapter 252 (Purchasing and Contracting Authority of Municipalities) or 262 (Purchasing and Contracting Authority of Counties), Local Government Code;(5)
a public security authorized by Chapter 1371 (Obligations for Certain Public Improvements);(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 (Borrowing Money for Current Maintenance Expenses), 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.
Source:
Section 1202.007 — Exemptions; Construction of Exemptions, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1202.htm#1202.007 (accessed Jun. 5, 2024).
