Tex. Util. Code § 39.609 · Subchapter M. WINTER STORM URI DEFAULT BALANCE FINANCING
PLEDGE OF STATE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
Debt obligations issued pursuant to this subchapter, including any bonds, are not a debt or obligation of the state and are not a charge on its full faith and credit or taxing power. The state pledges, however, for the benefit and protection of financing parties and the independent organization that it will not take or permit any action that would impair the value of default property, or reduce, alter, or impair the default charges to be imposed, collected, and remitted to financing parties, until the principal, interest and premium, and any other charges incurred and contracts to be performed in connection with the related debt obligations have been paid and performed in full. Any party issuing a debt obligation under this subchapter is authorized to include this pledge in any documentation relating to the obligation.
Notes and commentary — not statutory text
History
Added by Acts 2021, 87th Leg., R.S., Ch. 908 (H.B. 4492), Sec. 5, eff. June 16, 2021.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/UT/htm/UT.39.htm
- Text hash
- sha256 f68aa32a5fb4c12b72407c58d874699a393a2b899672de8c05a843187a0705ba
- 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. Util. Code § 39.609. Each shows the citation as that text prints it.
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