If a school district or charter district fails to pay principal or interest on a guaranteed bond when it matures, other amounts not yet mature are not accelerated and do not become due by virtue of the school district's or charter district's default.
Tex. Educ. Code § 45.060
BONDS NOT ACCELERATED ON DEFAULT
Applied in 1 court decision — leading case Mary Alice Palacios v. State (2014)
Most recently applied in Mary Alice Palacios v. State (July 2014)
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.