Sec. 203.260. STATE NOT TO IMPAIR BOND OBLIGATIONS. If bonds under this subchapter are outstanding, the state may not:
(1) take action to limit or restrict the rights of the commission to fulfill its responsibility to pay bond obligations; or
(2) in any way impair the rights and remedies of the bond owners until the bonds are fully discharged.
Added by Acts 2003, 78th Leg., ch. 317, Sec. 5, eff. June 18, 2003; Acts 2003, 78th Leg., ch. 817, Sec. 6.05, eff. June 20, 2003.
Structure Texas Statutes
Title 4 - Employment Services and Unemployment
Subtitle A - Texas Unemployment Compensation Act
Chapter 203 - Financing and Funds
Subchapter F. Issuance of Financial Obligations for Unemployment Compensation Fund
Section 203.251. Findings and Purpose
Section 203.252. Definitions; General Provision
Section 203.254. Issuance of Bonds by Authority
Section 203.255. Bond Proceeds
Section 203.256. Repayment of Commission's Financial Obligations
Section 203.257. Bond Payments
Section 203.258. Excess Revenue Collections and Investment Earnings
Section 203.259. State Debt Not Created
Section 203.260. State Not to Impair Bond Obligations