Texas § 394.056 BOND AS SECURITY.

Texas Statutes

§ 394.056 — BOND AS SECURITY.

Texas § 394.056

Code LGLocal Government Code

This text of Texas § 394.056 (BOND AS 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. Local Government Code Code Ann. § 394.056 (2026).

Text

Sec. 394.056. BOND AS SECURITY.

(a)A bond issued under this chapter or a coupon representing interest on the bond is, when delivered, a security as that term is defined under Chapter 8 of the Uniform Commercial Code (Chapter 8 , Title 1, Business & Commerce Code) and is an exempt security under The Securities Act (Title 12, Government Code).

(b)A contract made under this chapter is not a security under The Securities Act.

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Sec. 394.056. BOND AS SECURITY. (a) A bond issued under this chapter or a coupon representing interest on the bond is, when delivered, a security as that term is defined under Chapter 8 of the Uniform Commercial Code (Chapter 8 , Title 1, Business & Commerce Code) and is an exempt security under The Securities Act (Title 12, Government Code).
(b) A contract made under this chapter is not a security under The Securities Act.

Legislative History

Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987. Amended by: Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171 ), Sec. 2.36, eff. January 1, 2022.