Untitled Texas Attorney General Opinion

Mr. lr.Ko mc1aia Criminal District Attorney m11imson County Geor@mm, Texas Dear Sir8 Opinion Rumbet O-1312 Re: Frooeeds of bond funds of independent school distri,ots. Your opinion request of September 26, 1939, has been reoeived by this offioe and we quote from your letter as follows: eCen the trustees of sn independent school distriot pay out of a bond account, which had been legally voted by the people of that distriot, the fee oonneoted with the printing of the bonds and an attorney's fee for drawing up the bonds and his opin- ion as to its legality?" Jlrtiole2766, Revised Civil 6tatutes of Texas, 1925, as amended, provides~for the issuauoe of .bondsand also for the sale of same, the proceeds to be deposited and "disbursed only for the purpose for which the said bonds were issued. . . .! This department has repeatedly held that all absolutely neoessary expenses incurred in the issuance and sale of bonds of sn independent school distriot may bs paid out of the proceeds received frm the sale of the bonds. Inoluded in these necessary expenses ax-o* attorney's fea for preparing bond transcript and the printing of the bonds to be presented to the Attorney General for approval. These opinions seem to be based on the fact that pre- paring the transoriyt and the printing of the bonds am a necessary inoi- dent to the issuance of the bonds beoause of the statutory requirement that they must be presxted to the Attorney General for his approval, and, therefore, must be in the proper legal form. We ooonourin these opin- ions. lir.II.H. Moglain, Page 2 (O-1312) However, the attorney's fee for an opinion as to the legality of the bond is not a neoesaaxy expense and is not in- oident to the issusnoe and sale of the bonds. A market attnmey's opinion is merely a oustcoothat has grown up mong bond buyers and thare is no statutory provision requiring any opbnion other than that of the Attorney General* If the buyer of the bonds rants aa opinion other than that of the Attorney General, then he must secure eeme from an attorney of his ohoioe. Therefore, it is the opinion of this department that an attorney*s opinion as to the legality of the bonds cannot be paid out of the bond hmd. Vergtxulyyours 4TTOBHEY GEUER4L OF TEXAS W’ s/ Claud 0. Boothaan Cl&d 3. Boothman Assistant 4PPROVED OCT 14, 1939 s/Robert 6. Kepke Aoting ATTORNEY GENERAL OF TEXAS approved Opinion committee ?y BWB C*ainuan