Texas Transportation Code

§ 366.115 — BOND INDENTURE

TN § 366.115Title 6. ROADWAYS · Part G. TURNPIKES AND TOLL PROJECTS · Ch. 366. REGIONAL TOLLWAY AUTHORITIES · Art. D. TURNPIKE FINANCING

Statute text

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(a)Bonds issued under this chapter may be secured by a bond indenture between the authority and a corporate trustee that is a trust company or a bank that has the powers of a trust company.

(b)A bond indenture may pledge or assign the tolls and other revenue to be received but may not convey or mortgage any part of a turnpike project or system.

(c)A bond indenture may:

(1)set forth the rights and remedies of the bondholders and the trustee;

(2)restrict the individual right of action by bondholders as is customary in trust agreements or indentures of trust securing corporate bonds and debentures; and

(3)contain provisions the authority determines reasonable and proper for the security of the bondholders, including covenants:

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Legislative history

Added by Acts 1997, 75th Leg., ch. 1171, Sec. 7.24, eff. Sept. 1, 1997.