Sec. 1507.158. REDEMPTION OF BONDS. After the recovery of a loss described by Section 1507.151 or the failure of an anticipated loss described by Section 1507.151 to occur, the governing body shall promptly redeem bonds issued to cover the loss or anticipated loss in a principal amount equal to the amount recovered or the amount of anticipated loss that did not occur.
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 1507 - Obligations Relating to Municipal Debt and Expenses
Subchapter D. Tax Bonds for Payment of Current Expenses
Section 1507.151. Authority to Issue Bonds
Section 1507.152. Pledge of Tax
Section 1507.156. Sale of Bonds
Section 1507.157. No Waiver of Claims
Section 1507.158. Redemption of Bonds