Texas Transportation Code

§ 283.206 — BOND PROVISIONS

TN § 283.206Title 6. ROADWAYS · Part D. ROAD LAWS RELATING TO PARTICULAR COUNTIES · Ch. 283. CAUSEWAYS, BRIDGES, AND TUNNELS IN CERTAIN COUNTIES · Art. C. PROVISIONS RELATING TO BONDS

Statute text

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(a)A bond authorized by this chapter shall contain the following clause: "The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation."

(b)A bond instrument may contain provisions:

(1)that restrict individual rights of action of a bondholder;

(2)that detail the rights and remedies of a bondholder and a trustee;

(3)to protect and enforce as reasonable the rights and remedies of a bondholder, including covenants detailing the duties of the county in:

(A)acquiring property and constructing, maintaining, operating, repairing, and insuring the project; and

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Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.