Sec. 1502.072. TRUSTEE. The proceedings adopted by the governing body of a municipality may provide for:
(1) the selection of a trustee to sell the encumbered facility on default in the payment of principal or interest under the contract;
(2) the selection of a successor trustee if the original trustee is disqualified or fails to act; and
(3) the collection by the trustee of a fee of not more than five percent of the principal.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Renumbered from Sec. 1502.073 and amended by Acts 1999, 76th Leg., ch. 1064, Sec. 22, eff. Sept. 1, 1999.
Section: Previous 1502.059 1502.060 1502.061 1502.062 1502.063 1502.064 1502.065 1502.066 1502.067 1502.068 1502.069 1502.070 1502.071 1502.072 1502.073 NextLast modified: September 28, 2016