Sec. 364.052. RIGHTS OF BONDHOLDERS; RECEIVERS. (a) The trust indenture or the order or resolution authorizing the issuance of bonds under this chapter may include provisions to protect and enforce the rights and remedies of bondholders, including covenants determining the duties of the county in relation to:
(1) the acquisition of properties and the construction, maintenance, operation, repair, and insurance of the toll bridge or bridges; and
(2) the custody, safekeeping, and disposition of the county's toll bridge revenues.
(b) The holder of a bond issued under this chapter, including the trustee for a bondholder, in addition to all other rights may by mandamus or other judicial proceeding enforce the bondholder's rights against the county and its officers and employees, including the right to:
(1) require the county and its commissioners court:
(A) to impose and collect sufficient tolls and charges to carry out the agreements contained in the bond resolution or order or the trust indenture; or
(B) to perform each agreement or covenant in the bond resolution or trust indenture and each duty arising from the agreement or covenant; or
(2) apply for and obtain the appointment of a receiver for the toll bridge or bridges.
(c) A receiver appointed under this section may enter and take possession of and maintain a toll bridge and collect all revenues and tolls derived from the bridge in the same manner as the county. The receiver shall apply the money collected under this subsection in accordance with the county's obligations under the bond resolution or order or under the trust indenture and as the court may direct.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Structure Texas Statutes
Subtitle G - Turnpikes and Toll Projects
Chapter 364 - Toll Bridges in Counties Bordering the Rio Grande
Subchapter C. Bonds and Finances
Section 364.042. Authority to Borrow Money or Accept Federal Assistance
Section 364.043. Authority to Issue Bonds
Section 364.044. Revenue Bonds
Section 364.046. Mortgage or Pledge of Revenue to Secure Bonds
Section 364.047. Additional Bonds
Section 364.048. Terms of Bonds; Negotiability
Section 364.049. Sale or Exchange of Bonds
Section 364.050. Trust Indenture
Section 364.051. Depository of Bond Proceeds and Other Revenue
Section 364.052. Rights of Bondholders; Receivers
Section 364.053. Refunding Bonds