Sec. 1502.072. TRUSTEE. The proceedings adopted by the governing body of a municipality may provide for:
(1) the selection of a trustee to sell the encumbered facility on default in the payment of principal or interest under the contract;
(2) the selection of a successor trustee if the original trustee is disqualified or fails to act; and
(3) the collection by the trustee of a fee of not more than five percent of the principal.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Renumbered from Sec. 1502.073 and amended by Acts 1999, 76th Leg., ch. 1064, Sec. 22, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle J - Specific Authority for Municipalities to Issue Securities
Chapter 1502 - Public Securities for Municipal Utilities, Parks, or Pools
Subchapter B. Public Securities for Utility Systems, Parks, or Pools
Section 1502.051. Authority to Issue Public Securities
Section 1502.052. Pledge of Revenue
Section 1502.053. Grant of Franchise
Section 1502.054. Obligations Not Payable From Taxes
Section 1502.056. Operating Expenses as First Lien
Section 1502.057. Charges for Services
Section 1502.058. Limitation on Use of Revenue
Section 1502.059. Transfer of Revenue to General Fund
Section 1502.060. Use and Investment of Proceeds
Section 1502.061. Additional Obligations to Improve or Extend Utility System
Section 1502.063. Additional Authority of Municipality With a Population of 50,000 or More
Section 1502.064. Credit Agreement for Reserve Fund
Section 1502.065. Refunding Bonds
Section 1502.067. Records: Noncash Basis
Section 1502.068. Annual Report
Section 1502.069. Offenses; Penalty
Section 1502.070. Management and Control of Utility System
Section 1502.073. Notice to Governing Body Before Foreclosure or Other Action