Texas § GV.1371.061 - MANAGEMENT REPORTS
Full text of Texas The Texas Constitution § GV.1371.061 — MANAGEMENT REPORTS, with citation guidance and answers to common questions.
§ GV.1371.061. MANAGEMENT REPORTS
MANAGEMENT REPORTS. (a) If a governing body authorizes an interest rate management agreement transaction, the governing body shall designate an officer of the issuer to monitor and report on the transaction. At least annually, the designated officer shall present to the governing body a written report, signed by the designated officer, on all outstanding interest rate management agreement transactions conducted for the issuer. The report must: (1) describe the terms of the transactions; (2) contain a statement: (A) of the fair value of each transaction; (B) of the value of any collateral posted to or by the issuer under the transactions with each counterparty at the year's end; and (C) reviewing the transactions' cash flows; (3) identify with respect to each transaction the counterparty, any guarantor of the counterparty's obligations under the transaction, and the credit ratings of the counterparty and the guarantor; and (4) state whether the continuation of the transactions under the agreement would comply with the issuer's interest rate management agreement policy. (b) This section does not apply to an issuer that has entered into: (1) at least three interest rate management agreement transactions before November 1, 2006; or (2) one or more interest rate management agreement transactions with notional amounts totaling at least $400 million before November 1, 2006. Added by Acts 2007, 80th Leg., R.S., Ch. 1310 (S.B. 968 ), Sec. 7, eff. June 15, 2007. SUBCHAPTER C. FINANCIAL ASPECTS OF OBLIGATION
Frequently Asked Questions About Texas § GV.1371.061
What does The Texas Constitution § GV.1371.061 cover?
Section GV.1371.061 ("MANAGEMENT REPORTS") 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.1371.061?
A common citation format is "The Texas Constitution § GV.1371.061" (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.1371.061 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.