Texas Local Government Code 394.056 – Bond as Security
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(a) A bond issued under this chapter or a coupon representing interest on the bond is, when delivered, a security as that term is defined under Chapter 8 of the Uniform Commercial Code (Chapter 8, Title 1, Business & Commerce Code) and is an exempt security under The Securities Act (Title 12, Government Code).
(b) A contract made under this chapter is not a security under The Securities Act.
Terms Used In Texas Local Government Code 394.056
- Contract: A legal written agreement that becomes binding when signed.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC