Texas § 501.157 DEFAULT ON AGREEMENT; ENFORCEMENT.

Texas Statutes

§ 501.157 — DEFAULT ON AGREEMENT; ENFORCEMENT.

Texas § 501.157

Code LGLocal Government Code

This text of Texas § 501.157 (DEFAULT ON AGREEMENT; ENFORCEMENT.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Local Government Code Code Ann. § 501.157 (2026).

Text

Sec. 501.157. DEFAULT ON AGREEMENT; ENFORCEMENT. An agreement relating to a project must provide that if a default occurs in the payment of the principal of or the interest or premium on the bonds or in the performance of any agreement contained in a proceeding, mortgage, or instrument, the payment or performance may be enforced by:

(1)mandamus; or

(2)the appointment of a receiver in equity with the power to:

(A)charge and collect rents, purchase price payments, and loan payments; and

(B)apply the revenue from the project in accordance with the resolution, mortgage, or instrument.

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Sec. 501.157. DEFAULT ON AGREEMENT; ENFORCEMENT. An agreement relating to a project must provide that if a default occurs in the payment of the principal of or the interest or premium on the bonds or in the performance of any agreement contained in a proceeding, mortgage, or instrument, the payment or performance may be enforced by:
(1) mandamus; or
(2) the appointment of a receiver in equity with the power to:
(A) charge and collect rents, purchase price payments, and loan payments; and
(B) apply the revenue from the project in accordance with the resolution, mortgage, or instrument.