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Texas Government Code - GOV'T § 1207.021. Authority to Deposit With Comptroller

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) An issuer is entitled to deposit with the comptroller an amount of money equal to the sum of:

(1) the principal amount of the bonds, notes, or other obligations to be refunded;

(2) the interest that will accrue on those bonds, notes, or other obligations computed to the due date or redemption date;  and

(3) any required redemption premium.

(b) At the time a deposit is made under Subsection (a), the issuer shall deliver to the comptroller a certified copy of the proceedings that authorize the issuance of the obligations to be refunded, or a certified excerpt from those proceedings, that clearly shows:

(1) each amount of interest and the date on which that amount of interest is due on the obligations to be refunded;

(2) the date the principal is subject to redemption;  and

(3) the name and address of the paying agent.

(c) The comptroller may rely on a certificate by the issuer as to the amount of the charges made by the paying agent.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1207.021. Authority to Deposit With Comptroller - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1207-021/

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