Texas Local Government Code

Sec. § 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 (Security Instruments), Business & Commerce Code, and are general obligations of the issuer within the meaning of Subchapters A and D, Chapter 1207 (Refunding Bonds), Government Code.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.298, eff. Sept. 1, 2001.

Last accessed
Jun. 7, 2021