By: Watson S.B. No. 1482
A BILL TO BE ENTITLED
AN ACT
relating to the issuance of a public security.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1201.022(a), Government Code, is amended
to read as follows:
(a) Notwithstanding any other law to the contrary including
Section 49.183(a) and (b) of the Texas Water Code, a public security
may be:
(1) issued singly or in a series;
(2) made payable in a specified amount or amounts or
installments to:
(A) the bearer;
(B) a registered or named person;
(C) the order of a registered or named person; or
(D) a successor or assign of a registered or
named person;
(3) issued to be sold:
(A) at a public or private sale; and
(B) under the terms determined by the governing
body of the issuer to be in the issuer's best interests; and
(4) issued with other specified characteristics, on
additional specified terms, or in a specified manner.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2013.