SECTION 53.9. Securities in Litigation

Pending litigation will generally disqualify proposed public securities from approval when the pending litigation concerns the public securities, the majority of the titles to office, the issuer's creation, the boundaries of a traditional governmental issuer if a final judgment may reduce the tax base or revenue of the issuer such that the payment source for the public securities is materially impaired, or when pending litigation in any other way challenges the authority of the issuer to issue the public securities or undertake the project being financed.

Source Note: The provisions of this §53.9 adopted to be effective January 5, 2017, 41 TexReg 10543