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A BILL TO BE ENTITLED
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AN ACT
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relating to the issuance of a public security. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1201.022(a), Government Code, is amended |
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to read as follows: |
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(a) Notwithstanding any other law to the contrary including |
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Section 49.183(a) and (b) of the Texas Water Code, a public security |
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may be: |
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(1) issued singly or in a series; |
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(2) made payable in a specified amount or amounts or |
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installments to: |
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(A) the bearer; |
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(B) a registered or named person; |
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(C) the order of a registered or named person; or |
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(D) a successor or assign of a registered or |
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named person; |
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(3) issued to be sold: |
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(A) at a public or private sale; and |
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(B) under the terms determined by the governing |
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body of the issuer to be in the issuer's best interests; and |
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(4) issued with other specified characteristics, on |
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additional specified terms, or in a specified manner. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2013. |