Sec. 1506.160. REVIEW AND APPROVAL OF CONTRACTS RELATING TO BONDS. (a) If bonds issued under this subchapter state that they are secured by a pledge of revenue or rents from a contract, including a lease contract, a copy of the contract and the proceedings related to it must be submitted to the attorney general.
(b) If the attorney general finds that the bonds have been authorized and the contract has been made in accordance with law, the attorney general shall approve the contract.
(c) After the bonds are approved and registered as provided by Chapter 1202 and the contract is approved as provided by Subsection (b), the contract is incontestable in a court or other forum for any reason and is a valid and binding obligation for all purposes in accordance with its terms.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle J - Specific Authority for Municipalities to Issue Securities
Chapter 1506 - Bonds for Municipal Parking and Transportation Facilities
Section 1506.151. Applicability of Subchapter
Section 1506.152. Authority for Parking and Transportation Facilities
Section 1506.153. Contracts and Leases; Joint Development
Section 1506.154. Authority to Issue Revenue Bonds
Section 1506.155. Pledge of Revenue
Section 1506.156. Additional Security
Section 1506.158. Additional Bonds
Section 1506.159. Sale of Bonds
Section 1506.160. Review and Approval of Contracts Relating to Bonds
Section 1506.162. Refunding Bonds