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Texas Statutes (Last Updated: January 4, 2014) |
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WATER CODE |
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Title 4. GENERAL LAW DISTRICTS |
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Chapter 56. DRAINAGE DISTRICTS |
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Subchapter F. ISSUANCE OF BONDS AND NOTES |
Sec. 56.212. APPROVAL AND ISSUANCE OF REFUNDING BONDS
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(a) If the board declares the result of the election under Section 56.211 of this code to favor the issuance of refunding bonds and the levy of a tax to pay for the bonds, refunding bonds with the seal of the district affixed to them may be issued in the name of the district. The bonds shall be signed by the board president and attested and registered by the board secretary.
(b) The bonds together with the record relating to them shall be submitted to the attorney general for his approval, as required by Section 49.184.
(c) When the attorney general approves the bonds, they shall be delivered to the comptroller who shall register them and deliver them in exchange for or on release of the obligations being refunded at the time, in the manner, and in the amounts prescribed in the order of the board. If the obligations being refunded are evidenced by outstanding securities, the comptroller shall cancel the outstanding securities concurrently with the registration and delivery of the bonds.
(d) When the refunding bonds are approved by the attorney general and registered and delivered by the comptroller, the bonds are valid and binding obligations of the district and are incontestable for any cause.