Sec. 53B.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 53B - Higher Education Loan Authorities
Subchapter C. Powers and Duties
Section 53B.31. No Taxing Power
Section 53B.32. No Power of Eminent Domain
Section 53B.35. Issuance of Bonds; Procedure; Etc
Section 53B.37. Junior Lien Bonds; Parity Bonds
Section 53B.38. Reserves for Operating and Other Expenses
Section 53B.39. Refunding Bonds
Section 53B.40. Approval of Bonds; Registration; Negotiability
Section 53B.41. Authorized Investments
Section 53B.42. Investment of Funds; Security
Section 53B.45. Transactions With Other Agencies and Persons
Section 53B.48. Qualified Nonprofit Corporation Acting for or on Behalf of Two or More Cities