Sec. 53A.40. APPROVAL OF BONDS; REGISTRATION; NEGOTIABILITY. Bonds issued under this chapter and the record relating to their issuance shall be submitted to the attorney general, and if he finds that they have been issued in accordance with this chapter and constitute valid and binding obligations of the authority and are secured as recited therein he shall approve them, and they shall be registered by comptroller of public accounts who shall certify the registration thereon. Thereafter, they are incontestable. The bonds shall be negotiable and shall contain the following provision: "The holder hereof shall never have the right to demand payment thereof out of money raised or to be raised by taxation."
Added by Acts 2005, 79th Leg., Ch. 641 (H.B. 2701), Sec. 2, eff. September 1, 2005.
Structure Texas Statutes
Subtitle A - Higher Education in General
Chapter 53A - Higher Education Facility Authorities for Private Schools
Subchapter C. Powers and Duties
Section 53A.31. No Taxing Power
Section 53A.32. No Power of Eminent Domain
Section 53A.33. Limited Power to Acquire, Own, and Operate Educational and Housing Facilities
Section 53A.331. Refinancing Facilities
Section 53A.35. Issuance of Bonds; Procedure; Etc
Section 53A.36. Bond Resolution; Notice; Election
Section 53A.37. Junior Lien Bonds; Parity Bonds
Section 53A.38. Reserves for Operating and Other Expenses
Section 53A.39. Refunding Bonds
Section 53A.40. Approval of Bonds; Registration; Negotiability
Section 53A.41. Authorized Investments
Section 53A.42. Investment of Funds; Security
Section 53A.44. Operation of Facilities; Rates Charged; Reserve Funds
Section 53A.45. Transactions With Other Agencies and Persons
Section 53A.46. Authority Exempt From Taxation
Section 53A.48. Bonds for Accredited Primary or Secondary Schools
Section 53A.49. Bonds for Certain Schools Owned and Operated by Nonprofit Corporations