July 5, 1983
TO ALL BOND COUNSEL:
As you are all aware, numerous financing statutes in Texas require publication of notice of intent to issue bonds in a newspaper of general circulation in the appropriate area. Instances have occurred in which such notice has been published in periodicals such as the Commercial Recorders of various cities.
We do not feel that such publication fulfills the intent of the statutes: that the average citizen reading newspapers receive notice of the proposed issuance. Therefore, as a matter of policy we will no longer approve bond issues where notices of intent to issue are so published without a court ruling that the newspaper in question is in fact a newspaper of general circulation.
If you have any doubts about the periodical selected for publication of notice of intent to issue, we suggest pre-clearing the proposed paper with our Public Finance Division.
With best wishes I am
Very truly yours,
State of Texas