TITLE 1. ADMINISTRATION
PART 3. OFFICE OF THE ATTORNEY GENERAL
CHAPTER 53. MUNICIPAL SECURITIES
SUBCHAPTER
A.
The Office of the Attorney General (OAG) adopts amendments to §53.2 and §53.16 in Title 1 of the Texas Administrative Code (TAC), relating to the form of records and submission and approval of public finance transcripts, without changes to the proposed text as published in the December 12, 2025, issue of the Texas Register (50 TexReg 7963). The rules will not be republished.
EXPLANATION AND JUSTIFICATION OF RULES
During the 89th Regular Session (2025), the Legislature passed House Bill 4395 (H.B. 4395), effective January 1, 2026. H.B. 4395 amends Chapter 1202 of the Texas Government Code by adding Section 1202.0035, which requires (1) issuers of public securities to submit bond transcripts, including public securities, records or proceedings, credit agreements, and amendments thereto, to the OAG electronically and accompanied by an electronic signature, and (2) the OAG to deliver certain records related to the approval of those securities to the Texas Comptroller of Public Accounts (Comptroller) electronically and accompanied by an electronic signature. H.B. 4395 also requires the OAG to advise the proper legal authorities of the new statutory requirements and any other procedural changes to the submission and registration of public securities by December 1, 2025.
The adopted amendments to §53.2 and §53.16 establish the Texas Transcript Repository (TTR) system developed by the Comptroller in coordination with the Public Finance Division of the OAG (Division) as the database to which issuers will be required to submit and which will house records of proceedings (or transcripts) and related records. The adopted amendments also establish procedures and requirements for submission to the TTR system and make other changes consistent with the transition from paper to electronic records.
SECTION-BY-SECTION SUMMARY
The adopted amendments to §53.2 establish the TTR database, maintained by the Comptroller, as the location where issuers must file records of proceedings (or transcripts) and specify related formatting requirements. The adopted amendments eliminate formatting and submission requirements related to paper transcript submissions, renumber the subsections accordingly, and update language to align with plain language standards. The adopted amendments require that the transcripts be filed in an electronic format and accompanied by an electronic signature. Adopted §53.2 clarifies that "transcript" and "record of proceedings" are functionally interchangeable. It also requires each transcript to be submitted as a series of files in Portable Document Format (PDF), and each file name must begin with a unique sequential number followed by the title or a description of the document. Adopted §53.2(2) requires each transcript to contain a table of contents that lists, for each document, the title or description and the unique number from the file name assigned to that document. Adopted new §53.2(4) requires each line of each document to be entirely legible. Adopted new §53.2(5) requires the text of each document to be searchable. Adopted new §53.2(6) requires issuers to email the Division proof of payment of the required filing fee and, when appropriate, a table showing voted bond authorization in a specified format.
Adopted amendments to §53.16 conform references to the Division across the section. Adopted §53.16(a) clarifies that "transcript" and "record of proceedings" are functionally interchangeable. Adopted §53.16(e) requires all outstanding requirements for final approval and the final versions of documents originally submitted in unexecuted or uncertified form to be submitted in an electronic format and accompanied by an electronic signature via the TTR system. Adopted §53.16(f) provides that the Division will notify the Comptroller of approval of public securities. The adopted amendments eliminate submission requirements related to paper or fax submissions, renumber the subsections accordingly, and update language to align with plain language standards. Adopted §53.16(k) replaces the return of transcripts process with a cancellation for transcripts on file with the Division for six months with no action.
PUBLIC COMMENTS
The proposed amendments were published in the December 12, 2025, issue of the Texas Register (50 TexReg 7963). The public comment period was subsequently extended (51 TexReg 419) and closed on February 10, 2026. The OAG received one set of comments, submitted by Bracewell LLP. The public comments are summarized below.
Comment: §53.2(4) Legibility Requirement
Bracewell objected to the requirement that each line of each document must be entirely legible. Bracewell explained that transcripts often include documents created by third parties or historical documents, and it may be impossible for an issuer to provide an entirely legible version of every line of every document.
OAG Response: The OAG recognizes that complete legibility of every historical line in older archival materials is not always feasible. However, the OAG declines to make changes in response to this comment. For historical or third-party documents that cannot be provided with each line entirely legible, the issuer may request a waiver under 1 TAC §53.21 upon a showing of good cause. This existing waiver authority provides appropriate flexibility for the rare instances in which a document is necessary but only partially legible.
Comment: Proposed §53.2(5) Searchable Text Requirement
Bracewell requested that the requirement that the text of each document must be searchable be limited only to documents produced by the issuer and contemporaneous with the current transaction. Bracewell argued that some older or third-party documents cannot be made searchable, and that attempting to render them searchable may degrade legibility or result in the creation of a document different from the original.
OAG Response: The OAG declines to make changes in response to this comment. The requirement that documents be submitted in a searchable format is essential to the efficient review of transcripts and reflects established submission practices. For older or third-party documents that cannot be made searchable without compromising legibility or altering the original content, the issuer may request a waiver under 1 TAC §53.21 upon a showing of good cause. The existing waiver process provides adequate flexibility to address the circumstances described in the comment.
Comment: §53.2(6)(B) Excel Table of Voted Authorization
Bracewell requested deletion of §53.2(6)(B), stating that the information is already required under §53.3(a)(2)(J) and therefore imposes a duplicative administrative burden.
OAG Response: The OAG declines to delete §53.2(6)(B). While §53.3(a)(2)(J) requires disclosure of voted authorization information in the authorizing document, that provision applies only to information appearing in the transcript itself (e.g., recitals in a bond order). Section 53.2(6)(B) serves a separate and necessary administrative function. It requires that the same information be emailed to the OAG in Excel format at the time a transcript is submitted. Because documents uploaded to TTR must be PDF files, the Excel format submission allows OAG staff to efficiently verify calculations and confirm remaining authorization. The requirement therefore serves a distinct purpose and is not duplicative.
STATUTORY AUTHORITY
The amendments to 1 TAC Chapter 53 are adopted pursuant to Texas Government Code §1202.0035, which requires electronic submission and delivery of public securities and related records.
CROSS-REFERENCE TO STATUTE.
These rules clarify Texas Government Code §§1202.003-1202.0035. No other rule, regulation, or law is affected by the adopted rule amendments.
The agency certifies that legal counsel has reviewed the adoption and found it to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on May 4, 2026.
TRD-202601903
Justin Gordon
General Counsel
Office of the Attorney General
Effective date: May 24, 2026
Proposal publication date: December 12, 2025
For further information, please call: (512) 475-3210