{"data":{"id":"us-tx/tex.-government-code-1231.041","jurisdiction":"us-tx","citation":"Tex. Government Code § 1231.041","heading":"APPROVAL OF STATE SECURITY.","body":"(a) Except as otherwise provided by this section, an entity, including a state agency, may not issue a state security unless:\n(1) the board approves the issuance; or\n(2) the security is exempted under law, including a board rule adopted under Section 1231.022(2).\n(b) A state security issued by an institution of higher education, or issued at the request of or for the benefit of an institution of higher education, is not subject to board approval if:\n(1) the institution or the university system of which the institution is a component has an unenhanced long-term debt rating of at least AA- or its equivalent; and\n(2) the general revenue of this state is not pledged to the payment of the security.\nAdded by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.\nAmended by:\nActs 2011, 82nd Leg., R.S., Ch. 1049 (S.B. 5), Sec. 1.06, eff. June 17, 2011.","path":["GOVERNMENT CODE","TITLE 9. PUBLIC SECURITIES","SUBTITLE B. PROVISIONS APPLICABLE TO SECURITIES ISSUED BY STATE GOVERNMENT","CHAPTER 1231. BOND REVIEW BOARD","SUBCHAPTER C. BOARD APPROVAL OF ISSUANCE OF STATE SECURITY"],"source_url":"https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1231.htm#1231.041","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:16Z","sha256":"af2fd50ce48ba1de863471b3fe7386f7c61c3f8d3cdb40b34cf4a141e3a93ace","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-government-code-1231.026","next":"us-tx/tex.-government-code-1231.042"},"notice":"GroundRules: Original legal text. Not legal advice."}