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Texas Transportation Code - TRANSP § 228.110. Provisions Protecting and Enforcing Rights and Remedies of Bondholders

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

A trust agreement or order providing for the issuance of bonds may contain provisions to protect and enforce the rights and remedies of the bondholders, including:

(1) covenants establishing the commission's duties relating to:

(A) the acquisition of property;

(B) the design, development, financing, construction, improvement, expansion, maintenance, repair, operation, and insurance of the toll project or system in connection with which the bonds were authorized;  and

(C) the custody, safeguarding, and application of money;

(2) covenants prescribing events that constitute default;

(3) covenants relating to the rights, powers, liabilities, or duties that arise on the breach of a duty of the commission, including the right of the trustee to bring actions against the commission or the department in any state court to enforce the covenants in the agreement, and the sovereign immunity of the state is waived for that purpose;  and

(4) provisions for the employment of consulting engineers in connection with the construction or operation of the project or system.

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Cite this article: FindLaw.com - Texas Transportation Code - TRANSP § 228.110. Provisions Protecting and Enforcing Rights and Remedies of Bondholders - last updated January 01, 2024 | https://codes.findlaw.com/tx/transportation-code/transp-sect-228-110/

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