Texas § 1231.041 APPROVAL OF STATE SECURITY.

Texas Statutes

§ 1231.041 — APPROVAL OF STATE SECURITY.

Texas § 1231.041

Code GVGovernment Code

This text of Texas § 1231.041 (APPROVAL OF STATE SECURITY.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Government Code Code Ann. § 1231.041 (2026).

Text

Sec. 1231.041. APPROVAL OF STATE SECURITY.

(a)Except as otherwise provided by this section, an entity, including a state agency, may not issue a state security unless:

(1)the board approves the issuance; or

(2)the security is exempted under law, including a board rule adopted under Section 1231.022 (2).

(b)A state security issued by an institution of higher education, or issued at the request of or for the benefit of an institution of higher education, is not subject to board approval if:

(1)the institution or the university system of which the institution is a component has an unenhanced long-term debt rating of at least AA- or its equivalent; and

(2)the general revenue of this state is not pledged to the payment of the security.

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Sec. 1231.041. APPROVAL OF STATE SECURITY. (a) Except as otherwise provided by this section, an entity, including a state agency, may not issue a state security unless:
(1) the board approves the issuance; or
(2) the security is exempted under law, including a board rule adopted under Section 1231.022 (2).
(b) A state security issued by an institution of higher education, or issued at the request of or for the benefit of an institution of higher education, is not subject to board approval if:
(1) the institution or the university system of which the institution is a component has an unenhanced long-term debt rating of at least AA- or its equivalent; and
(2) the general revenue of this state is not pledged to the payment of the security.

Legislative History

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1049 (S.B. 5 ), Sec. 1.06, eff. June 17, 2011.