Sec. 8505.202. STATE PLEDGE REGARDING RIGHTS AND REMEDIES OF BONDHOLDERS. This chapter does not deprive this state of its power to regulate and control rates or charges to be collected for the use of water, water connections, power, electric energy, or another service. The state pledges to and agrees with the purchasers and successive holders of the bonds issued under this chapter that the state will not limit or alter the power this chapter gives the authority to establish and collect rates and charges that will produce revenue sufficient to pay the items specified by Section 8505.154(b) or in any way impair the rights or remedies of the holders of the bonds, or of any person in their behalf, until the following are fully discharged:
(1) the bonds;
(2) the interest on the bonds;
(3) interest on unpaid installments of interest;
(4) all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders; and
(5) all other obligations of the authority in connection with the bonds.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.04, eff. April 1, 2015.
Section: Previous 8505.151 8505.152 8505.153 8505.154 8505.155 8505.156 8505.201 8505.202 8505.203 8505.204 8505.205 8505.206 8505.207 8505.208 8505.209 NextLast modified: September 28, 2016