Sec. 2306.397. REDEMPTION BEFORE MATURITY; CONVERSION. (a) Department bonds may be made redeemable before maturity.
(b) The board may provide and covenant for the:
(1) conversion of one form of bond to another form; and
(2) reconversion of a bond to another form.
(c) Except as provided by Subsection (d), a replacement, converted, or reconverted bond must be approved and registered as provided by Sections 2306.431 and 2306.432, under procedures established by the resolution authorizing the bonds.
(d) If the duty of replacement, conversion, or reconversion of a bond is imposed on a place of payment (paying agent) or a corporate trustee under a trust agreement or trust indenture, the replacement, converted, or reconverted bond does not need to be reapproved by the attorney general or reregistered by the comptroller as provided by Sections 2306.431 and 2306.432.
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.
Structure Texas Statutes
Subtitle G - Economic Development Programs Involving Both State and Local Governments
Chapter 2306 - Texas Department of Housing and Community Affairs
Subchapter R. Housing Finance Division Bonds: Form; Terms
Section 2306.392. Denomination
Section 2306.393. Manner, Price, and Terms
Section 2306.394. Place of Payment; Medium of Exchange
Section 2306.395. Interest on Bonds