OFFICE OF THE ATTORNEY GENERAL OF TEXAS
AUSTIN
Hoaomblo charley LoOkhart
stat* TreasuTer
Aurtla, Texar
D*u 81rt
reeeat dstm with tha
4 "Dsolaration of
the lnstrumat
I of Artisle 9049e,
f l8 fo llo wsr
We0 p r o vided,
in the offior of the County
gietration Law8 QZ thir
at no tax aball bo levied
on lnetsments aeourtng an tmount of Two
IIundred ($200.00) Dollars, or Isem. biter '-
the sffoativo dats of thin AOt, eroept a8
hereinafter provided, QO suoh fnrtrunent shall
be filed or rooorded by any County Qlerk in
thfs State until there ias6 b,esn atiixod to
auuh iastrumants &unps in aoaordanae wfth
the pm~lsllons of thlkil 8WttQll~ * * **
41
Eonoreblo War118 Lookhert, Page 2
The instrument under conaideretlcn is not emong
those ttpe0lri0aiip named. Hence, if It la to be taxed, it
must be by virtue of the alause levying the tex upon “all
euoh inatruaente of a elntilar nflture.R In other words, a
lien Intereat must be created by the instrument before it
ir subject to the tax.
Se are of the oplnicn that the instrument is not
eubjeat to the tax. The inetrurnent deoleree that the
Houeing: Authority of the City of ‘J8aoo holds oerteln described
lend In trust for the benerlt or proepeotlve bondholder8
and the United Sttitee ?iousing Authority. The interest
granted is the right to require the +Y’iaoo Koueing Authority
to refrain frcm dfspoelng of the property exoept under
oertain olroumstanoesand to maintain and operate the
hourlug projeotin a oertain menner. Thue, it is 88811
that no lien interest is created. The lnrtrument $6
merelyr, ae lte title indicates, a WDeclarstion of Truet.w
our view ie further etrongthened by 8 paragraph
fn the lnetrument, which we quote as r0n0w8t
“In no event shell thie deolaretlon oi
trust be oonetrued a8 oonferring upon the holdsrr
or any or the Bond8 issued In pureuanoe or said
Reeolutlon, or 0r any of the ooupone appertalnlng
thereto, the remedy of foreoloeun or any other
remedy pureuant to wfiioh they or any 02 them may
oaum the above-deebribed ,property to be eold or
the title of the Authority thereto to be divested
or iorfelted.n
In view or the loregoing you ere r88peOtfully ad-
vired that the deeorlbed nBebleration of Truet* fa not subject
to the etemp tax Imposed by krtiol.8 90498, Vernon’8 Annotated
Civil Statutes.
CF
Very tNly yours
kTTCRW CF,NE~UAL T3XhS