Tex. Gov't Code § 1204.003 · Chapter 1204. INTEREST RATE
COMPUTATION OF PUBLIC SECURITY YEARS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Public security years are computed for each separate public security that is part of an issue or series of public securities by dividing the principal amount at par value of the public security by 100 and multiplying the resulting quotient by:
(1) the number of years from the date interest begins to accrue on the public security to the date the security is scheduled to mature; or
(2) for a floating rate public security, the number of years from the date net interest cost begins to accrue on the public security to the earlier of:
(A) the date the security is scheduled to mature; or
(B) any date interest on the security is computed.
(b) If any portion of an issue or series of public securities is subject to a mandatory redemption before the scheduled maturity that at the time of delivery of the public securities is scheduled to occur on a specific date or dates, the public security years are computed as if the face amount of public securities required to be redeemed on each earlier date were scheduled to mature on that earlier date.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1204.htm
- Text hash
- sha256 7aca5bebec1ba4ff4e6d43fc30cf78ef91a766cb5326ff7ead852599522349b8
- 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
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.