Texas Statutes (Last Updated: January 4, 2014) |
LOCAL GOVERNMENT CODE |
Title 12. PLANNING AND DEVELOPMENT |
Subtitle C. PLANNING AND DEVELOPMENT PROVISIONS APPLYING TO MORE THAN ONE TYPE OF LOCAL GOVERNMENT |
Chapter 394. HOUSING FINANCE CORPORATIONS IN MUNICIPALITIES AND COUNTIES |
Subchapter E. HOUSING FINANCE CORPORATION BONDS |
Sec. 394.056. BOND AS SECURITY
Latest version.
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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 (Article 581-1 et seq., Vernon's Texas Civil Statutes).
(b) A contract made under this chapter is not a security under The Securities Act.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.