Current as of April 14, 2021 | Updated by FindLaw Staff
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(a) The comptroller shall register the refunding bonds on the surrender and cancellation of the bonds to be refunded.
(b) In lieu of issuing bonds to be registered on the surrender and cancellation of the bonds to be refunded, the municipality, in the resolution authorizing the issuance of the refunding bonds, may provide for the sale of the refunding bonds and the deposit of the proceeds in the bank where the bonds to be refunded are payable. In that case, the refunding bonds may be issued in an amount sufficient to pay the interest on the bonds to be refunded to their option or maturity date, and the comptroller shall register the refunding bonds without the surrender and cancellation of the bonds to be refunded.
Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1505.217. Registration of Refunding Bonds by Comptroller - last updated April 14, 2021 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1505-217/
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