Tex. Ins. Code § 2210.604 · Subchapter M. PUBLIC SECURITIES PROGRAM
ISSUANCE OF PUBLIC SECURITIES AUTHORIZED.
Text — Current through the 89th 2nd Called Legislative Session, 2025
Text of section effective until September 01, 2027
(a) At the request of the association and with the approval of the commissioner, the Texas Public Finance Authority shall issue Class 1, Class 2, or Class 3 public securities. The association shall submit to the commissioner a cost-benefit analysis of various financing methods and funding structures when requesting the issuance of public securities under this subsection.
(a-1) The association and the commissioner must approve each tranche of commercial paper issued under a commercial paper program established under this chapter.
(b) The association shall specify in the association's request to the board the maximum principal amount of the public securities and the maximum term of the public securities.
(c) The principal amount determined by the association under Subsection (b) may be increased to include an amount sufficient to:
(1) pay the costs related to issuance of the public securities;
(2) provide a public security reserve fund;
(3) capitalize interest for the period determined necessary by the association, not to exceed two years; and
(4) provide the amount of debt service coverage for public securities determined by the association, in consultation with the authority, to be required for the issuance of marketable public securities.
Notes and commentary — not statutory text
History
Added by Acts 2009, 81st Leg., R.S., Ch. 1408 (H.B. 4409), Sec. 41, eff. June 19, 2009.
Amended by:
Acts 2011, 82nd Leg., 1st C.S., Ch. 2 (H.B. 3), Sec. 43, eff. September 28, 2011.
Repealed by Acts 2025, 89th Leg., R.S., Ch. 895 (H.B. 3689), Sec. 1.17(2), eff. September 1, 2027.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.2210.htm
- Text hash
- sha256 3ccbdcb50237f54913e46baee696b1863b51c89f55f3d6388c33f6b3b253976b
- 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 1 provision
Provisions in this library whose text cites Tex. Ins. Code § 2210.604. Each shows the citation as that text prints it.
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