Texas Government Code 1207.028 – Comptroller to Send and Record Deposit or Payment
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(a) After receipt of a deposit or payment under this subchapter, the comptroller shall immediately and by the most expeditious means send to the paying agent for the obligation being refunded an amount equal to the deposit or payment less the amount of any fee charged under Section 1207.032.
(b) The comptroller shall notify the paying agent to send to the comptroller the obligation being refunded.
Terms Used In Texas Government Code 1207.028
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(c) After the comptroller has made a record of its payment and cancellation, the comptroller shall send the obligation being refunded and any interest coupon to the issuer.