Texas § 54.155 REGISTRATION OF REFUNDING OBLIGATIONS BY COMPTROLLER.

Texas Statutes

§ 54.155 — REGISTRATION OF REFUNDING OBLIGATIONS BY COMPTROLLER.

Texas § 54.155

Code TNTransportation Code

This text of Texas § 54.155 (REGISTRATION OF REFUNDING OBLIGATIONS BY COMPTROLLER.) 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. Transportation Code Code Ann. § 54.155 (2026).

Text

Sec. 54.155. REGISTRATION OF REFUNDING OBLIGATIONS BY COMPTROLLER.

(a)Except as provided by Subsection (b), the comptroller shall register refunding obligations on surrender and cancellation of the obligations to be refunded.

(b)The comptroller shall register refunding obligations without the surrender and cancellation of the obligations to be refunded if the ordinance or resolution authorizing the issuance of the refunding obligations requires that:

(1)the obligations be sold at public or private sale; and

(2)the proceeds from the sale be deposited:

(A)in a place where the underlying obligations are payable; or

(B)with the comptroller.

(c)Refunding obligations to which Subsection (b) applies may be issued in an amount sufficient to pay the principal of and interest on the obligatio

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Sec. 54.155. REGISTRATION OF REFUNDING OBLIGATIONS BY COMPTROLLER. (a) Except as provided by Subsection (b), the comptroller shall register refunding obligations on surrender and cancellation of the obligations to be refunded.
(b) The comptroller shall register refunding obligations without the surrender and cancellation of the obligations to be refunded if the ordinance or resolution authorizing the issuance of the refunding obligations requires that:
(1) the obligations be sold at public or private sale; and
(2) the proceeds from the sale be deposited:
(A) in a place where the underlying obligations are payable; or
(B) with the comptroller.
(c) Refunding obligations to which Subsection (b) applies may be issued in an amount sufficient to pay the principal of and interest on the obligations to be refunded to the option or maturity date of the obligations.