Sec. 366.116. APPROVAL OF BONDS BY ATTORNEY GENERAL. (a) An authority shall submit to the attorney general for examination a transcript of proceedings relating to bonds authorized under this chapter. The transcript shall include the bond proceedings and any contract securing or providing revenue for the payment of the bonds.
(b) If the attorney general determines that the bonds, the bond proceedings, and any supporting contract are authorized by law, the attorney general shall approve the bonds and deliver to the comptroller:
(1) a copy of the legal opinion of the attorney general stating the approval; and
(2) the record of proceedings relating to the authorization of the bonds.
(c) On receipt of the legal opinion of the attorney general and the record of proceedings relating to the authorization of the bonds, the comptroller shall register the record of proceedings.
(d) After approval by the attorney general, the bonds, the bond proceedings, and any supporting contract are valid, enforceable, and incontestable in any court or other forum for any reason and are binding obligations according to their terms for all purposes.
Added by Acts 1997, 75th Leg., ch. 1171, Sec. 7.24, eff. Sept. 1, 1997.
Structure Texas Statutes
Subtitle G - Turnpikes and Toll Projects
Chapter 366 - Regional Tollway Authorities
Subchapter D. Turnpike Financing
Section 366.111. Turnpike Revenue Bonds
Section 366.112. Interim Bonds
Section 366.113. Payment of Bonds; State and County Credit Not Pledged
Section 366.114. Effect of Lien
Section 366.115. Bond Indenture
Section 366.116. Approval of Bonds by Attorney General
Section 366.117. Furnishing of Indemnifying Bonds or Pledges of Securities