Texas Transportation Code

§ 370.115 — BOND INDENTURE

TN § 370.115Title 6. ROADWAYS · Part G. TURNPIKES AND TOLL PROJECTS · Ch. 370. REGIONAL MOBILITY AUTHORITIES · Art. D. TRANSPORTATION PROJECT FINANCING

Statute text

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(a)Bonds issued by an authority under this chapter may be secured by a bond indenture between the authority and a corporate trustee that is a trust company or a bank that has the powers of a trust company.

(b)A bond indenture may pledge or assign the revenues to be received but may not convey or mortgage any part of a transportation project.

(c)A bond indenture may:

(1)set forth the rights and remedies of the bondholders and the trustee;

(2)restrict the individual right of action by bondholders as is customary in trust agreements or indentures of trust securing corporate bonds and debentures; and

(3)contain provisions the authority determines reasonable and proper for the security of the bondholders, including covenants:

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Legislative history

Added by Acts 2003, 78th Leg., ch. 1325, Sec. 2.01, eff. June 21, 2003.