Sec. 2211.212. STATE PLEDGE REGARDING PUBLIC SECURITY OWNER RIGHTS AND REMEDIES. (a) The state pledges to and agrees with the owners of public securities 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 public securities;
(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 public securities.
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
Subchapter E. Revenue Bond Program
Section 2211.203. Applicability of Other Laws
Section 2211.204. Issuance of Public Securities Authorized
Section 2211.205. Limitation on Amount of Public Securities
Section 2211.206. Terms of Issuance
Section 2211.207. Contents of Public Security Resolution; Administration of Accounts
Section 2211.208. Source of Payment
Section 2211.210. Exemption From Taxation
Section 2211.211. Authorized Investments
Section 2211.212. State Pledge Regarding Public Security Owner Rights and Remedies