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Texas Government Code - GOV'T § 1207.026. Use of Sale Proceeds to Make Deposit; Rights Not Dependent on Cancellation of Obligations to be Refunded

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

(a) An issuer may sell and deliver refunding bonds that have been registered with the comptroller so as to permit the issuer, in a timely manner determined by the issuer, to use proceeds from the sale to make all or any part of a deposit under this chapter.

(b) An issuer that has complied with this chapter may issue, register, sell, or deliver a refunding bond in lieu of the obligation to be refunded regardless of whether:

(1) the holder of the obligation to be refunded has surrendered or presented the obligation for payment and cancellation; or

(2) the obligation to be refunded has been canceled.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1207.026. Use of Sale Proceeds to Make Deposit; Rights Not Dependent on Cancellation of Obligations to be Refunded - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1207-026/

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