Tex. Loc. Gov't Code § 271.048 · Subchapter C. CERTIFICATE OF OBLIGATION ACT
CLAIMS AND ACCOUNTS; FUNDING AND EXCHANGE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A governing body may provide that claims and accounts may, after certificates are authorized, be incurred for authorized purposes and that the claims and accounts represent an undivided interest in the certificates simultaneously authorized. The governing body may also provide for the funding or exchange of the claims and accounts for a like total principal amount of the certificates, with any amount in excess of the principal amount of the certificates delivered at one time to be paid in cash or carried forward to a subsequent exchange of claims and accounts for certificates.
(b) The authorization of certificates and the indebtedness they evidence may occur before the execution of a contract under this subchapter.
(c) This section does not create any exception to the competitive bidding requirements of this subchapter.
Notes and commentary — not statutory text
History
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/LG/htm/LG.271.htm
- Text hash
- sha256 3ff0d47f176b0fbfd436d3e8309abee7d7d160ff3ce93c15bbedab27612989bc
- 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.