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Texas Transportation Code - TRANSP § 283.208. Rights of Bondholders

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

(a) A bond issued under this chapter creates and grants a lien on bond proceeds in favor of a bondholder until the bond is paid.

(b) In addition to other legal remedies, a bondholder may enforce the bondholder's rights against:

(1) a county and its employees; and

(2) a board, including an agent or employee, created to operate the project.

(c) A bondholder's rights include the right to:

(1) require the county or board to:

(A) impose and collect sufficient tolls and other charges to carry out agreements in the bond instrument; and

(B) perform an agreement, covenant, or duty provided in the bond instrument; and

(2) apply for and obtain the appointment of a receiver for the project.

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Cite this article: FindLaw.com - Texas Transportation Code - TRANSP § 283.208. Rights of Bondholders - last updated January 01, 2024 | https://codes.findlaw.com/tx/transportation-code/transp-sect-283-208/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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