Registered Public Obligations Act

The Registered Public Obligations Act governs how states, their political subdivisions, and other public entities issue and administer debt obligations in registered form, where ownership is recorded rather than tied to possession of a bearer certificate. It authorizes public issuers to establish a system of registration, sets out the requirements for valid and binding execution — including signatures, the use of a seal, and the treatment of obligations that are represented by certificates — and permits issuers to appoint agents to maintain the registration records, with provision for the costs of doing so. It applies notwithstanding conflicting provisions of other law and includes a covenant by the state concerning obligations issued under it.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.