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Texas Statutes (Last Updated: January 4, 2014) |
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GOVERNMENT CODE |
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Title 9. PUBLIC SECURITIES |
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Subtitle I. SPECIFIC AUTHORITY FOR COUNTIES TO ISSUE SECURITIES |
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Chapter 1477. OBLIGATIONS FOR OTHER COUNTY PURPOSES |
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Subchapter C. NATURAL GAS SYSTEM FOR COUNTY BUILDINGS IN CERTAIN COUNTIES |
Sec. 1477.108. CONTENTS OF ORDER AUTHORIZING BONDS
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An order authorizing the issuance of bonds under this subchapter may contain:
(1) reasonable and proper provisions for protecting and enforcing the rights or remedies of the bondholders, including covenants that state the duties of the county relating to:
(A) the acquisition of property for the natural gas system;
(B) the construction, maintenance, operation, repair, and insurance of the system; and
(C) the custody, protection, and application of all money related to the system;
(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 the breach by the county of a duty or obligation.