Texas Government Code 2306.392 – Denomination
Current as of: 2024 | Check for updates
|
Other versions
(a) The department’s bonds may be issued:
(1) in coupon form payable to bearer;
(2) in fully registered form;
(3) as coupon bonds payable to bearer but registrable as to principal alone or as to both principal and interest; or
(4) in another form, including a registered uncertificated obligation not represented by written instruments, commonly known as a book-entry obligation.
(b) The department shall provide for the registration of ownership and transfer of a book-entry obligation under a system of books and records maintained by a bank serving as trustee, paying agent, or bond registrar.
Terms Used In Texas Government Code 2306.392
- 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.
- Trustee: A person or institution holding and administering property in trust.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005