Temporary Obligations

Sec. 223.030. TEMPORARY OBLIGATIONS. (a) Before the issuance of definitive bonds, the issuer may issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when those bonds are executed and are available for delivery. (b) The term of an interim receipt or temporary bond may not be more than two years. (c) The issuer shall submit the interim receipts or temporary bonds to the attorney general in accordance with Section 223.031. Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.