Sec. 162.051. PURCHASE AND DESTRUCTION OF BONDS.
125 words·~1 min read·
/tx/natural-resources-code/title-7-resources-programs/chapter-162-veterans-housing-assistance-program/subchapter-a-general-provisions/162-051·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 162.051. PURCHASE AND DESTRUCTION OF BONDS.
(a)The board may use money in the fund to purchase on the open market any bonds it has issued and sold to provide money for the fund, and the debt represented by those bonds when purchased is considered canceled.
(b)Bonds purchased by the board under Subsection
(a)of this section shall be mutilated, burned, or otherwise destroyed by the comptroller, who shall certify this fact to the board under the seal of office.
(c)Interest may not be paid on those bonds after their purchase by the board.
Added by Acts 1993, 73rd Leg., ch. 242, Sec. 2.16, eff. Aug. 30, 1993. Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 14.22, eff. Sept. 1, 1997.