(a) Before an obligation may be issued or incurred, a record of the proceedings of the issuer authorizing the issuance, execution, incurrence, and delivery of the obligation and any contract providing revenue or security pledged to the payment of the obligation must be submitted to the attorney general for review.
(b) If the attorney general finds that the proceedings authorizing an obligation conform to the requirements of the Texas Constitution and this chapter, the attorney general shall approve it and deliver to the comptroller a copy of the attorney general's legal opinion stating that approval and the record of proceedings. After approval, the obligation may be executed and delivered, exchanged, or refinanced from time to time in accordance with those authorizing proceedings.