Sec. 66.04. VALIDITY OF BONDS PURCHASED BY BOARD. Whenever the board has purchased the bonds of any city, county, or municipality, approved by the attorney general, the certificate of the attorney general attesting their validity shall be admitted and received as prima facie evidence of the validity of the bonds; and in all cases in which the proceeds of the sale of these bonds have been received by the proper officers of the city, municipality, or county, or by the party acting for them in negotiating the sale of the bonds, the city, municipality, or county is thereafter estopped from denying the validity of the bonds and they shall be held to be valid and binding obligations. In the case of any bonds bought under this section, premium or discount shall be distributed over the life of the bonds.
Acts 1971, 62nd Leg., p. 3149, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.
Structure Texas Statutes
Subtitle C - The University of Texas System
Chapter 66 - Permanent University Fund
Subchapter A. Composition, Investment, and Use
Section 66.01. Permanent University Fund
Section 66.02. Available University Fund
Section 66.04. Validity of Bonds Purchased by Board
Section 66.06. Written Objectives; Performance Evaluation
Section 66.07. Custody and Investment of Assets Pending Transactions
Section 66.08. Investment Management
Section 66.09. Cost Value of Investments and Other Assets of the Permanent University Fund