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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 J. SPECIFIC AUTHORITY FOR MUNICIPALITIES TO ISSUE SECURITIES |
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Chapter 1508. OBLIGATIONS FOR MUNICIPAL PARKS, RECREATIONAL FACILITIES, AND AIRPORTS |
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Subchapter C. OBLIGATIONS FOR HEALTH AND RECREATIONAL FACILITIES IN MUNICIPALITIES WITH POPULATION OF 5,000 OR MORE |
Sec. 1508.112. APPOINTMENT OF TRUSTEE; ATTORNEY'S FEES
Latest version.
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A contract under which a project is encumbered under this subchapter may provide for:
(1) the selection of a trustee to sell the project on:
(A) a default in the payment of principal or interest; or
(B) a violation of the terms of the encumbrance;
(2) the selection of a successor trustee if the original trustee or a substitute trustee is disqualified or fails to act; and
(3) attorney's fees in an amount not to exceed 10 percent of the unpaid principal.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.