Sec. 284.046. BONDHOLDER RIGHTS. (a) In addition to all other rights by mandamus or other court proceeding, a holder or trustee of a bond issued under this chapter may enforce the holder's rights against the county, the county's employees, an operating board, or an agent or employee of the operating board and is entitled to:
(1) require the county and the board to impose and collect tolls and charges sufficient to carry out any agreement contained in the bond instrument; and
(2) apply for and obtain the appointment of a receiver for the project.
(b) A bond instrument may contain provisions for the protection and enforcement of a bondholder's rights and remedies, including covenants:
(1) establishing the county's duties relating to:
(A) the acquisition of property;
(B) the construction, maintenance, operation, and repair of, and insurance for, a project; and
(C) custody, safeguarding, and application of money;
(2) prescribing events that constitute default;
(3) prescribing terms on which any or all of the bonds become or may be declared due before maturity; and
(4) relating to the rights, powers, liabilities, or duties that arise on the breach of a county's duty.
(c) A bond instrument may contain provisions restricting the individual rights of action of the bondholder.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Structure Texas Statutes
Subtitle D - Road Laws Relating to Particular Counties
Chapter 284 - Causeways, Bridges, Tunnels, Turnpikes, Ferries, and Highways in Certain Counties
Section 284.031. Bonds Authorized
Section 284.032. Tax Bond Election
Section 284.033. Interim Bonds
Section 284.034. Bond Sale to Pay Outstanding Bonds
Section 284.035. Bond Approval and Registration
Section 284.036. Bonds Secured Solely by Revenue
Section 284.037. Revenue Bond Election Not Required
Section 284.038. Revenue Bonds: Ad Valorem Tax for Maintenance and Operation
Section 284.039. Bonds Are Securities
Section 284.040. Effect of Lien
Section 284.041. Refunding Bonds
Section 284.042. Use of Bond Proceeds; Lien
Section 284.043. Costs and Expenses