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Texas Special District Local Laws Code - SDLL § 8512.0407. Payments Under Agreements for Use or Sale of Property

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) If the authority enters into an agreement to lease, sell, or otherwise dispose of any property or facilities to any person, the person is subject to the regulations and control of rates or other charges by this state as may be provided by agreement or general law.

(b) Notwithstanding Subsection (a), the board shall set payments under a lease or other contract or agreement for the use or sale of any property so that the payments, together with any other pledged revenue, will be sufficient to:

(1) pay the principal of, the interest on, and any premium on all bonds to which the payments are pledged when they become due and payable;

(2) pay all sinking fund or reserve fund payments agreed to be made with respect to any bonds described by Subdivision (1), and payable out of those payments, when they become due and payable;

(3) fulfill the terms of any agreement made with the holders of bonds described by Subdivision (1) or any person in their behalf;  and

(4) discharge all other obligations of the authority in connection with bonds described by Subdivision (1) when they become due.

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 8512.0407. Payments Under Agreements for Use or Sale of Property - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-8512-0407/

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