Texas § 563.154 AUTHORITY TO DEPOSIT WITH PAYING AGENT.

Texas Statutes

§ 563.154 — AUTHORITY TO DEPOSIT WITH PAYING AGENT.

Texas § 563.154

Code LGLocal Government Code

This text of Texas § 563.154 (AUTHORITY TO DEPOSIT WITH PAYING AGENT.) 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. § 563.154 (2026).

Text

Sec. 563.154. AUTHORITY TO DEPOSIT WITH PAYING AGENT.

(a)In an order or resolution authorizing the issuance of refunding bonds, the commissioners court may provide that proceeds from the sale of the bonds are to be deposited with the person at whose location the bonds to be refunded are payable.

(b)If the authorization includes a provision authorized by Subsection (a), the commissioners court may issue the refunding bonds before the cancellation of the bonds to be refunded. The commissioners court shall deposit with the person at whose location the bonds to be refunded are payable an amount sufficient to pay the principal of those bonds and interest on those bonds accruing to the maturity date or to the option date if the bonds have been called for payment before maturity according to th

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Sec. 563.154. AUTHORITY TO DEPOSIT WITH PAYING AGENT. (a) In an order or resolution authorizing the issuance of refunding bonds, the commissioners court may provide that proceeds from the sale of the bonds are to be deposited with the person at whose location the bonds to be refunded are payable.
(b) If the authorization includes a provision authorized by Subsection (a), the commissioners court may issue the refunding bonds before the cancellation of the bonds to be refunded. The commissioners court shall deposit with the person at whose location the bonds to be refunded are payable an amount sufficient to pay the principal of those bonds and interest on those bonds accruing to the maturity date or to the option date if the bonds have been called for payment before maturity according to their terms.
(c) The comptroller shall register refunding bonds issued under this section without the surrender and cancellation of the bonds to be refunded.

Legislative History

Added by Acts 1999, 76th Leg., ch. 227, Sec. 15, eff. Sept. 1, 1999. Renumbered from Local Government Code, Section 413.154 by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278 ), Sec. 3.76(b)(3), eff. April 1, 2009.