Sec. 1207.031. WITHDRAWAL OF DEPOSIT. (a) An issuer that has made the deposit and payments required by this subchapter may apply to the comptroller to withdraw from the paying agent the amount of money deposited to the credit of the account of an obligation that has been refunded, including interest and premium, if any, by exhibiting the canceled obligation to the comptroller. The comptroller shall make a proper record of payment and cancellation of that obligation.
(b) An issuer may withdraw money deposited under this subchapter only if:
(1) the conditions stated in Subsection (a) are met; or
(2) the attorney general certifies to the comptroller that the issuer's payment of the obligation as to which the deposit was made is barred by limitation and forbidden by law.
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