Texas § 228.110 PROVISIONS PROTECTING AND ENFORCING RIGHTS AND REMEDIES OF BONDHOLDERS.

Texas Statutes

§ 228.110 — PROVISIONS PROTECTING AND ENFORCING RIGHTS AND REMEDIES OF BONDHOLDERS.

Texas § 228.110

Code TNTransportation Code

This text of Texas § 228.110 (PROVISIONS PROTECTING AND ENFORCING RIGHTS AND REMEDIES OF BONDHOLDERS.) 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. Transportation Code Code Ann. § 228.110 (2026).

Text

Sec. 228.110. PROVISIONS PROTECTING AND ENFORCING RIGHTS AND REMEDIES OF BONDHOLDERS. A trust agreement or order providing for the issuance of bonds may contain provisions to protect and enforce the rights and remedies of the bondholders, including:

(1)covenants establishing the commission's duties relating to:

(A)the acquisition of property;

(B)the design, development, financing, construction, improvement, expansion, maintenance, repair, operation, and insurance of the toll project or system in connection with which the bonds were authorized; and

(C)the custody, safeguarding, and application of money;

(2)covenants prescribing events that constitute default;

(3)covenants relating to the rights, powers, liabilities, or duties that arise on the breach of a duty of the commission, inclu

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Sec. 228.110. PROVISIONS PROTECTING AND ENFORCING RIGHTS AND REMEDIES OF BONDHOLDERS. A trust agreement or order providing for the issuance of bonds may contain provisions to protect and enforce the rights and remedies of the bondholders, including:
(1) covenants establishing the commission's duties relating to:
(A) the acquisition of property;
(B) the design, development, financing, construction, improvement, expansion, maintenance, repair, operation, and insurance of the toll project or system in connection with which the bonds were authorized; and
(C) the custody, safeguarding, and application of money;
(2) covenants prescribing events that constitute default;
(3) covenants relating to the rights, powers, liabilities, or duties that arise on the breach of a duty of the commission, including the right of the trustee to bring actions against the commission or the department in any state court to enforce the covenants in the agreement, and the sovereign immunity of the state is waived for that purpose; and
(4) provisions for the employment of consulting engineers in connection with the construction or operation of the project or system.
Transferred from Transportation Code, Section 361.177 and amended by Acts 2005, 79th Leg., Ch. 281 (H.B. 2702 ), Sec. 2.42, eff. June 14, 2005.

Legislative History

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995. Amended by Acts 2003, 78th Leg., ch. 312, Sec. 28, eff. June 18, 2003; Acts 2003, 78th Leg., ch. 1325, Sec. 15.29, eff. June 21, 2003; Acts 2003, 78th Leg., 3rd C.S., ch. 8, Sec. 1.08, eff. Jan. 11, 2004.