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Texas Transportation Code - TRANSP § 364.052. Rights of Bondholders;  Receivers

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

(a) The trust indenture or the order or resolution authorizing the issuance of bonds under this chapter may include provisions to protect and enforce the rights and remedies of bondholders, including covenants determining the duties of the county in relation to:

(1) the acquisition of properties and the construction, maintenance, operation, repair, and insurance of the toll bridge or bridges;  and

(2) the custody, safekeeping, and disposition of the county's toll bridge revenues.

(b) The holder of a bond issued under this chapter, including the trustee for a bondholder, in addition to all other rights may by mandamus or other judicial proceeding enforce the bondholder's rights against the county and its officers and employees, including the right to:

(1) require the county and its commissioners court:

(A) to impose and collect sufficient tolls and charges to carry out the agreements contained in the bond resolution or order or the trust indenture;  or

(B) to perform each agreement or covenant in the bond resolution or trust indenture and each duty arising from the agreement or covenant;  or

(2) apply for and obtain the appointment of a receiver for the toll bridge or bridges.

(c) A receiver appointed under this section may enter and take possession of and maintain a toll bridge and collect all revenues and tolls derived from the bridge in the same manner as the county.  The receiver shall apply the money collected under this subsection in accordance with the county's obligations under the bond resolution or order or under the trust indenture and as the court may direct.

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Cite this article: FindLaw.com - Texas Transportation Code - TRANSP § 364.052. Rights of Bondholders;  Receivers - last updated January 01, 2024 | https://codes.findlaw.com/tx/transportation-code/transp-sect-364-052/

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