Sec. 2203.362. STATE PLEDGE REGARDING BOND OWNER RIGHTS AND REMEDIES. (a) The state pledges to and agrees with the owners of bonds issued in accordance with this subchapter that the state will not limit or alter the rights vested in the association to fulfill the terms of agreements made with the owners or impair the rights and remedies of the owners until the following obligations are fully discharged:
(1) the bonds;
(2) any bond premium;
(3) interest; and
(4) all costs and expenses related to an action or proceeding by or on behalf of the owners.
(b) The association may include the state's pledge and agreement under Subsection (a) in an agreement with the owners of the bonds.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 2, eff. April 1, 2007.
Structure Texas Statutes
Title 10 - Property and Casualty Insurance
Subtitle G - Pools, Groups, Plans, and Self-Insurance
Chapter 2203 - Medical Liability Insurance Joint Underwriting Association
Subchapter H. Revenue Bond Program
Section 2203.353. Applicability of Other Laws
Section 2203.354. Issuance of Bonds Authorized
Section 2203.355. Limitation on Amount of Bonds
Section 2203.356. Terms of Issuance
Section 2203.357. Contents of Bond Resolution; Administration of Accounts
Section 2203.358. Source of Payment
Section 2203.359. Surcharge Fee
Section 2203.360. Exemption From Taxation
Section 2203.361. Authorized Investments
Section 2203.362. State Pledge Regarding Bond Owner Rights and Remedies