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Texas Health and Safety Code - HEALTH & SAFETY § 282.074. Approval and Registration of Bonds

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

(a) Before the bonds are offered for sale, the district shall forward to the attorney general:

(1) a copy of the bonds to be issued;

(2) a certified copy of the court order imposing the tax to pay the interest on the bonds and provide a sinking fund;

(3) a statement of the total bonded indebtedness of the district, including the series of bonds proposed;

(4) the assessed value of property for the purpose of taxation as shown by the most recent official county assessment;  and

(5) any other information that the attorney general requires.

(b) The attorney general shall:

(1) examine the bonds;  and

(2) certify the bonds if the attorney general determines that the bonds are issued in conformity with the constitution and law and that they are valid and binding obligations of the district.

(c) When the bonds are approved by the attorney general, the comptroller shall register the bonds in a book kept for that purpose and maintain the certificate of approval for the bonds.

(d) On approval and registration under this section, the bonds are incontestable for any cause.  The certificate of approval or a certified copy of the certificate is admissible evidence in a suit to enforce the collection of the bonds as prima facie proof of the validity of the bonds with attached coupons.  In that suit, only forgery or fraud may be offered as a defense against the validity of the bonds.

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Cite this article: FindLaw.com - Texas Health and Safety Code - HEALTH & SAFETY § 282.074. Approval and Registration of Bonds - last updated January 01, 2024 | https://codes.findlaw.com/tx/health-and-safety-code/health-safety-sect-282-074/

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