Sec. 1202.003. REVIEW AND APPROVAL OF PUBLIC SECURITIES. (a) Before the issuance of a public security, the issuer shall submit the public security and the record of proceedings to the attorney general. (b) If the attorney general finds that the public security has been authorized to be issued in conformity with law, the attorney general shall: (1) approve the public security; and (2) deliver to the comptroller: (A) a copy of the attorney general's legal opinion stating that approval; and (B) the record of proceedings. (b-1) Notwithstanding Subsection (b), if Section 1372.037 (b) applies with respect to the issuance of qualified residential rental project bonds in a program year, the attorney general must certify the issuer's compliance with that subsection before approving the issuance of those bonds. A certification made under this subsection may be based solely on a written verification provided by the issuer on request of the attorney general. (c) Unless exempted by Section 1202.007 , the issuance of a public security except in compliance with this chapter is prohibited.
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