Sec. 60.345. APPROVAL AND INCONTESTABILITY OF BONDS. (a) No bonds shall be issued by the district until they shall have been approved by the attorney general.
(b) After the bonds have been approved by the attorney general and registered by the comptroller of public accounts they shall be negotiable and incontestable.
(c) When the bonds of an issue are thus approved and registered, the bonds later delivered by the district in lieu of these bonds, pursuant to Section 60.337 of this code in connection with the exchange of registered for unregistered bonds, or unregistered bonds for registered bonds, or in lieu of lost or mutilated bonds, need not be reapproved by the attorney general or reregistered by the comptroller of public accounts. Nevertheless, the bonds shall likewise be incontestable, and except for the limitations resulting from registration shall be negotiable.
Added by Acts 1973, 63rd Leg., p. 770, ch. 343, Sec. 1, eff. Aug. 27, 1973.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 60 - Navigation Districts--General Provisions
Subchapter M. Tax Bonds, Revenue Bonds, and Combination Tax and Revenue Bonds
Section 60.331. Classes of Bonds Authorized
Section 60.332. Issuance of Bonds
Section 60.334. Maturity of Bonds
Section 60.335. Registered and Bearer Bonds
Section 60.336. Lost and Destroyed Bonds
Section 60.337. Approval of Converted or Substituted Bonds
Section 60.338. Bonds Secured by Revenues
Section 60.339. Bonds Payable From Taxes
Section 60.340. Bonds Payable From Both Taxes and Revenues
Section 60.341. Rates, Tolls, and Charges
Section 60.342. Use of Bond Proceeds
Section 60.344. Refunding Bonds
Section 60.345. Approval and Incontestability of Bonds
Section 60.346. Additional Security
Section 60.347. Investment of Bond Proceeds