Sec. 1371.152. EXEMPTIONS. This subchapter does not apply to: (1) an issuer who has more than $3 billion in outstanding obligations as of September 1, 2007, or to a nonprofit corporation investing funds on behalf of such an issuer; (2) a person acting as a financial adviser with respect to an issuance of public securities by an issuer created under Chapter 8503 , Special District Local Laws Code, delivered before January 1, 2010, under a contract that was in effect on September 1, 2007, and that has not been modified since that date; (3) an employee of an issuer providing advice to the issuer or to another issuer; (4) a state agency: (A) created by Section 49-b , Article III, Texas Constitution; or (B) the head of which is an officer in the executive department under Section 1 , Article IV, Texas Constitution; or (5) a corporation created under Chapter 505 , Local Government Code, by a municipality located in a county bordering the Rio Grande River.
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