Texas Local Government Code 271.053 – Certificates as Debt and Security
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Certificates are debts of the issuer within the meaning of Article XI, §§ 5 and 7, of the Texas Constitution. When delivered, certificates are “security” within the meaning of Chapter 8, Business & Commerce Code, and are general obligations of the issuer within the meaning of Subchapters A and D, Chapter 1207, Government Code.