Public-domain · open source
OpenJurist

Tex. Spec. Dist. Local Laws Code § 8501.260

COVENANTS FOR MARKETABILITY

Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff

(a) A resolution or order authorizing the issuance of obligations under this chapter may contain covenants with the holders of the obligations on the following subjects as considered necessary to ensure the marketability of the obligations:

(1) management and operation of the improvements and facilities of the authority;

(2) collection of fees for the use of the improvements and facilities;

(3) disposition of the fees;

(4) issuance of future obligations and creation of future liens, mortgages, and encumbrances against the improvements and facilities and the revenue of the improvements and facilities; and

(5) other pertinent matters.

(b) The covenants may not be inconsistent with this chapter.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.