Texas Attorney General Opinion: O-7344 Page: 2 of 6
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Ionoreblo C. D. Slaons, Page 2
of Public Aooounts as prescribed by l aw.
The 1915 bonds were issud oundo the authority of
Chapter 1 Title 18 o the Revised Civil Statutes of 1911
(Article 05o et seq.). The bonds atured forty years from date,
but they contained a redemption leuse to the effort that they
could be redeemed at any time after five years from their date.
Hover, even without the redemption elauso, these 1915 bonds
would have boon redeemable. The Supreme Court in the oase of
Coohran County v. Mann, 172 8. V. (24) 689, interpretd Artile
611, tRevsed Civil Statutes CC 1911 (a part of the above-meontined
chapter), which provided as follow
"All bonds itsuet under this chapter shall run
not *oo**ding forty years, and shall be rdemable
at the pleasure of the county at any time after five
years after the issuance a the bonds, or after any
period not exceeding to years, vhich ay be fixed
by the c Oissioners' Court.
The oout in interpreting this statute hold the follow
"The above itotute, being in effect at the time
the bonds were issued, was read into and formed a
part at the contract, and purchasers of the bonds
were charged with notioo thereof and are presumed
to have bought the bonds in oreognition thereof.
Jones, Bonds and Bond S curities, 4th bd., p. 590,
"As we construe the above statute, where bonds
are issued under tho chapter therein referred to, if
the CorisioLoners Court at the time. the bonds ar
issued makes no provision concerning its right to re-
doe the bonds prior to their matrity, they may be
redeemed at the pleassure of the ounty at any time
after five years after the issuance thereof. low-
over, the Comissioners' Court may, by an appropriate
order entered at the time the bonds are issued, post-
paone the date after whih the bonds may be redo**ed
to not *o**rding tea years from the date of their t**
suance. The bonds are redeable, in all events, at
not exoeeding ton years from the date of their is-
suano*. Dellas Cousty v. Lookhart, State treasurr,
128 Teox. 50, 96 8. v. 24 60.
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Texas. Attorney-General's Office. Texas Attorney General Opinion: O-7344, text, August 22, 1946; (texashistory.unt.edu/ark:/67531/metapth264621/m1/2/: accessed October 20, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.