Sec. 1201.025. RATE OF INTEREST. (a) An interest rate on a public security that bears interest may be fixed, variable, floating, adjustable, or computed by another method.
(b) If an interest rate is not specified by the governing body of an issuer issuing a public security, the interest rate is determined by a formula or contractual arrangement for the periodic determination of the rate.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.001, eff. Sept. 1, 2001.
Structure Texas Statutes
Subtitle A - General Provisions
Chapter 1201 - Public Security Procedures Act
Subchapter B. Issuance and Approval of Public Security
Section 1201.021. Characteristics of Public Security
Section 1201.022. Terms of Issuance
Section 1201.023. Uncertificated Book-Entry Issuance
Section 1201.024. Form of Public Security
Section 1201.0245. Capital Appreciation Bonds by Political Subdivisions
Section 1201.025. Rate of Interest
Section 1201.026. Execution of Public Security or Interest Coupon
Section 1201.027. Authority of Issuer to Contract for Services
Section 1201.028. Single Meeting of Governing Body Sufficient