Contents of Order Authorizing Bonds

Sec. 1477.058. CONTENTS OF ORDER AUTHORIZING BONDS. The order authorizing issuance of bonds under this subchapter to pay for a project may contain: (1) reasonable and proper provisions for protecting and enforcing the rights and remedies of the bondholders, including covenants that state the duties of the county relating to: (A) the acquisition of property for the project; (B) the construction, maintenance, operation, repair, and insurance of the project; and (C) the custody, protection, and application of all money related to the project; (2) a statement of the rights and remedies of the bondholders; and (3) other provisions that the commissioners court considers reasonable and proper for the security of the bondholders, including covenants prescribing: (A) each event that constitutes a default; and (B) the rights, liabilities, powers, and duties that arise on breach by the county of a duty or obligation. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.