Tex. Gov't Code § 1231.041 · Subchapter C. BOARD APPROVAL OF ISSUANCE OF STATE SECURITY
APPROVAL OF STATE SECURITY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Except as otherwise provided by this section, an entity, including a state agency, may not issue a state security unless:
(1) the board approves the issuance; or
(2) the security is exempted under law, including a board rule adopted under Section 1231.022(2).
(b) A state security issued by an institution of higher education, or issued at the request of or for the benefit of an institution of higher education, is not subject to board approval if:
(1) the institution or the university system of which the institution is a component has an unenhanced long-term debt rating of at least AA- or its equivalent; and
(2) the general revenue of this state is not pledged to the payment of the security.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1049 (S.B. 5), Sec. 1.06, eff. June 17, 2011.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1231.htm
- Text hash
- sha256 fff170bf645f8b0714c9f19387d54983633609ce481c92553a1e1f319978e2d1
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Cited by 1 provision
Provisions in this library whose text cites Tex. Gov't Code § 1231.041. Each shows the citation as that text prints it.
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.