Tex. Gov't Code Section 404.125
Issuance of Notes

(a)

The comptroller, consistent with the committee’s determinations under Section 404.124 (Shortfall Forecast; Committee Approval), shall authorize the issuance, sale, and delivery of the notes by order.

(b)

Except as otherwise provided by this subsection, the proceeds of the notes shall be deposited in a special fund in the treasury called the tax and revenue anticipation note fund. The comptroller may pay the costs of issuance of the notes from the fund and from time to time shall transfer the net proceeds to the general revenue fund to honor authorized expenditures from the general revenue fund. The comptroller may invest any funds held in the tax and revenue anticipation note fund in the authorized investments described in Section 404.024 (Authorized Investments) until used in accordance with this section. Proceeds of a credit agreement may be deposited as directed by the comptroller pursuant to the order authorizing the credit agreement and may be applied to pay the principal of and interest on the notes.

(c)

In connection with the issuance of the notes, the comptroller may exercise the powers granted to the governing body of an issuer in connection with the issuance of obligations under Chapter 1371 (Obligations for Certain Public Improvements) to the extent not inconsistent with this section. The notes are subject to review and approval by the attorney general in the same manner and with the same effect as is provided by that chapter.

(d)

The comptroller is an authorized issuer under Chapter 1201 (Public Security Procedures Act), and that chapter applies to the tax and revenue anticipation notes authorized in this subchapter.

(e)

Amounts in the tax and revenue anticipation note fund may be pledged to secure payment of the notes and performance of obligations under credit agreements relating to the notes and may be used to pay required rebates to the federal government. The comptroller may make covenants to carry out the purposes of this subchapter and take other actions necessary, desirable, or appropriate to complete the issuance of the notes. The state pledges to and agrees with the holders of any notes that the state will not limit or alter the rights vested in the comptroller to fulfill the terms of any agreements made with the holders, or in any way impair the rights and remedies of the holders, until the notes are fully discharged.
Acts 1987, 70th Leg., ch. 147, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1987, 70th Leg., 2nd C.S., ch. 53, Sec. 2.003, eff. Sept. 1, 1987; Acts 1997, 75th Leg., ch. 1423, Sec. 7.81, eff. Sept. 1, 1997; Acts 2001, 77th Leg., ch. 1420, Sec. 8.233, eff. Sept. 1, 2001.

Source: Section 404.125 — Issuance of Notes, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­404.­htm#404.­125 (accessed Apr. 20, 2024).

404.001
Definitions 404.0011
Transfer of Treasurer’s Powers and Duties 404.013
Rules 404.021
Eligible Institutions 404.022
Applications 404.023
Designation 404.024
Authorized Investments 404.026
Eleemosynary Funds 404.027
Liquidity 404.028
Investment Advisory Board 404.031
Collateral Requirements 404.032
Deposits 404.033
Withdrawals and Remittances 404.041
Trustee 404.043
Security Officers 404.045
Receipt of Money 404.046
Payment from Treasury 404.047
Accounts 404.048
Report 404.049
Money in Treasury 404.050
Delivery to Successor 404.051
Money Returned to County or Municipality 404.052
Obligations of Municipalities, Districts, and Political Subdivisions 404.054
Daily Totals 404.055
Time and Demand Deposits 404.056
Information Concerning Warrants 404.057
Warrants Payable Accounts 404.058
Outstanding Warrants 404.059
General Ledger Accounts 404.060
Priority of Warrants 404.062
Undetermined Remittances 404.063
Violation 404.064
Office Fees 404.065
Cash Balancing 404.066
Ledger 404.067
Safekeeping 404.068
State Regulatory Agencies Safekeeping and Pledged Collateral 404.069
Trust Funds 404.070
Validity of Voided Warrants 404.071
Disposition of Interest on Investments 404.072
Examination by State Auditor 404.073
Funds Outside Treasury 404.091
Short Title 404.092
Definition 404.093
Applicability of Subchapter 404.094
Funds to Be Deposited in Treasury 404.095
Electronic Transfer of Certain Payments 404.096
Rapid Deposits, Transactions, and Transfers Required 404.097
Deposit of Funds Recovered by Litigation or Settlement 404.101
Definitions 404.102
Creation of Trust Company 404.103
Powers 404.104
Duties of Comptroller 404.105
Capital or Reserve 404.106
Earnings 404.107
Fees 404.108
Trust Company Investment Advisory Board 404.109
Restrictions on Advisory Board Appointment, Membership, and Employment 404.110
Removal of Advisory Board Members 404.111
Advisory Board Member Training 404.112
Compensation 404.113
Meetings 404.114
Investment Management 404.115
Personnel 404.116
Liability Insurance for Certain Board Members, Officials, and Staff 404.121
Definitions 404.122
Cash Management Committee 404.123
Notes Authorized 404.124
Shortfall Forecast 404.125
Issuance of Notes 404.126
Fund Transfers 404.0211
Conflict of Interest 404.0212
Depository Rating Under Certain Federal Law 404.0221
Eligible Collateral 404.0241
Investment of Certain Economic Stabilization Fund Balances 404.0245
Crude Oil and Natural Gas Futures Contracts
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Accessed:
Apr. 20, 2024

§ 404.125’s source at texas​.gov