Sec. 1201.022. TERMS OF ISSUANCE. (a) 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. (b) The governing body of a county or municipality that issues bonds that are to be paid from ad valorem taxes may provide that the bonds are to mature serially over a specified number of years, not to exceed 40.
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