Texas § GV.1371.053 - OBLIGATION AUTHORIZATION
Full text of Texas The Texas Constitution § GV.1371.053 — OBLIGATION AUTHORIZATION, with citation guidance and answers to common questions.
§ GV.1371.053. OBLIGATION AUTHORIZATION
OBLIGATION AUTHORIZATION. (a) A governing body must adopt or approve an obligation authorization before an obligation may be issued. (b) The obligation authorization must establish: (1) the maximum amount of the obligation to be issued or, if applicable, the maximum principal amount that may be outstanding at any time; (2) the maximum term for which obligations issued under the authorization may be outstanding; (3) the maximum interest rate the obligation will bear; (4) subject to Subsection (c)(2), the manner of sale of the obligation, which may be by public or private sale, the price of the obligation, the form of the obligation, and the terms and covenants of the obligation; and (5) each source securing payment of the obligation. (c) The obligation authorization may: (1) provide for the designation of a paying agent and registrar for the obligation; and (2) authorize one or more designated officers or employees of the issuer to act on behalf of the issuer from time to time in selling and delivering the obligation and setting the dates, price, interest rates, interest payment periods, and other procedures relating to the obligation, as specified in the obligation authorization. (d) An obligation may: (1) be issued in a specified form or denomination; (2) be payable: (A) at one or more times; (B) in installments or a specified amount or amounts; (C) at a specified place or places; (D) in a specified form; (E) under specified terms and details; and (F) in a specified manner; and (3) be issued as redeemable before maturity at one or more specified times. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 17, eff. Sept. 1, 1999.
Frequently Asked Questions About Texas § GV.1371.053
What does The Texas Constitution § GV.1371.053 cover?
Section GV.1371.053 ("OBLIGATION AUTHORIZATION") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § GV.1371.053?
A common citation format is "The Texas Constitution § GV.1371.053" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § GV.1371.053 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.