Sec. 1207.028. COMPTROLLER TO SEND AND RECORD DEPOSIT OR PAYMENT. (a) After receipt of a deposit or payment under this subchapter, the comptroller shall immediately and by the most expeditious means send to the paying agent for the obligation being refunded an amount equal to the deposit or payment less the amount of any fee charged under Section 1207.032.
(b) The comptroller shall notify the paying agent to send to the comptroller the obligation being refunded.
(c) After the comptroller has made a record of its payment and cancellation, the comptroller shall send the obligation being refunded and any interest coupon to the issuer.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle A - General Provisions
Chapter 1207 - Refunding Bonds
Subchapter B. Advance Refunding Procedures
Section 1207.021. Authority to Deposit With Comptroller
Section 1207.023. Amount of Principal
Section 1207.024. Methods and Terms of Sale
Section 1207.027. Comptroller to Accept and Keep Safe Deposits
Section 1207.028. Comptroller to Send and Record Deposit or Payment
Section 1207.029. Selection of Paying Agent
Section 1207.030. Establishment and Use of Trust Fund
Section 1207.031. Withdrawal of Deposit
Section 1207.032. Comptroller Fees