(a) On the payment of interest or for the redemption of district bonds, the depository shall receive and cancel any interest coupon paid or bond discharged.(b) When the interest coupon or bond is delivered to the board:(1) the account of the depository shall be credited with the amount of the coupon or bond; and(2) the coupon or bond shall be canceled and destroyed. Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.
Texas Legal Code