Texas Transportation Code - Section 284.046. Bondholder Rights
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§ 284.046. BONDHOLDER RIGHTS. (a) In addition to all
other rights by mandamus or other court proceeding, a holder or
trustee of a bond issued under this chapter may enforce the holder's
rights against the county, the county's employees, an operating
board, or an agent or employee of the operating board and is
entitled to:
(1) require the county and the board to impose and
collect tolls and charges sufficient to carry out any agreement
contained in the bond instrument; and
(2) apply for and obtain the appointment of a receiver
for the project.
(b) A bond instrument may contain provisions for the
protection and enforcement of a bondholder's rights and remedies,
including covenants:
(1) establishing the county's duties relating to:
(A) the acquisition of property;
(B) the construction, maintenance, operation,
and repair of, and insurance for, a project; and
(C) custody, safeguarding, and application of
money;
(2) prescribing events that constitute default;
(3) prescribing terms on which any or all of the bonds
become or may be declared due before maturity; and
(4) relating to the rights, powers, liabilities, or
duties that arise on the breach of a county's duty.
(c) A bond instrument may contain provisions restricting
the individual rights of action of the bondholder.
Acts 1995, 74th Leg., ch. 165, § 1, eff. Sept. 1, 1995.
Section: 284.039 284.040 284.041 284.042 284.043 284.044 284.045 284.046 284.061 284.0615 284.062 284.063 284.064 284.065 284.066
Last modified: August 10, 2007
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