Sec. 223.036. BONDS AS SECURITIES.
Text of subsection effective until January 01, 2022
(a) Bonds issued under this chapter and any interest coupons are investment securities under Chapter 8, Business & Commerce Code, and are exempt securities under The Securities Act (Article 581-1 et seq., Vernon's Texas Civil Statutes).
Text of subsection effective on January 01, 2022
(a) Bonds issued under this chapter and any interest coupons are investment securities under Chapter 8, Business & Commerce Code, and are exempt securities under The Securities Act (Title 12, Government Code).
(b) A lease agreement, sales agreement, or other contract under this chapter is not a security under The Securities Act.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.29, eff. January 1, 2022.
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