Texas Transportation Code

§ 228.110 — PROVISIONS PROTECTING AND ENFORCING RIGHTS AND REMEDIES OF BONDHOLDERS

TN § 228.110Title 6. ROADWAYS · Part B. STATE HIGHWAY SYSTEM · Ch. 228. STATE HIGHWAY TOLL PROJECTS · Art. C. TOLL REVENUE BONDS

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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;

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