Tex. Educ. Code § 53.40 · Subchapter C. POWERS AND DUTIES
APPROVAL OF BONDS; REGISTRATION; NEGOTIABILITY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Bonds issued under this chapter and the record relating to their issuance shall be submitted to the attorney general, and if the attorney general finds that they have been issued in accordance with this chapter and constitute valid and binding obligations of the authority and are secured as recited therein, the attorney general shall approve them, and they shall be registered by the comptroller of public accounts, who shall certify the registration thereon. Thereafter they are incontestable. The bonds shall be negotiable and shall contain the following provision: "The holder hereof shall never have the right to demand payment thereof out of money raised or to be raised by taxation." If the attorney general does not find that the bonds have been issued in accordance with this chapter and constitute valid and binding obligations of the authority and are secured as recited therein, the attorney general may not approve the bonds, and the bonds may not be registered by the comptroller.
(b) When bonds to be issued to benefit an institution of higher education and the record relating to their issuance are submitted to the attorney general, the authority shall deliver notice of that action to the governor, the lieutenant governor, the speaker of the house of representatives, and the Legislative Budget Board. The notice must include the amount of the bonds to be issued and a description of the facilities to be financed from the bond proceeds.
(c) The attorney general has sole authority to review the record of public notice and hearings relating to any bond financing an educational facility for an authorized charter school, and the attorney general may issue an approval as required by Section 147(f), Internal Revenue Code of 1986.
Notes and commentary — not statutory text
History
Acts 1971, 62nd Leg., p. 3072, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.
Reenacted and amended by Acts 2005, 79th Leg., Ch. 641 (H.B. 2701), Sec. 1, eff. September 1, 2005.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 849 (S.B. 2240), Sec. 2, eff. June 19, 2009.
Acts 2019, 86th Leg., R.S., Ch. 1193 (H.B. 4258), Sec. 1, eff. June 14, 2019.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/ED/htm/ED.53.htm
- Text hash
- sha256 c852336c3a650d3c8b14fecf6e3986578f9d07b195aa3974c88ea41a281493e9
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 3 provisions
Provisions in this library whose text cites Tex. Educ. Code § 53.40. Each shows the citation as that text prints it.
Education Code
- Tex. Educ. Code § 45.057GUARANTEE ENDORSEMENT.Printed as Section 45.005 or 53.40
- Tex. Educ. Code § 53.35ISSUANCE OF BONDS; PROCEDURE; ETC.Printed as Sections 53.131, 53.14, 53.15, 53.31, 53.32, 53.331, 53.34, 53.35, 53.38, 53.40, and 53.41
- Tex. Educ. Code § 53.351BONDS FOR OPEN-ENROLLMENT CHARTER SCHOOL FACILITIES.Printed as Sections 53.131, 53.15, 53.31, 53.32, 53.331, 53.34, 53.35, 53.38, 53.40, and 53.41
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.