Texas Government Code 1477.058 – Contents of Order Authorizing Bonds
Terms Used In Texas Government Code 1477.058
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: means real and personal property. See Texas Government Code 311.005
The order authorizing issuance of bonds under this subchapter to pay for a project may contain:
(1) reasonable and proper provisions for protecting and enforcing the rights and remedies of the bondholders, including covenants that state the duties of the county relating to:
(A) the acquisition of property for the project;
(B) the construction, maintenance, operation, repair, and insurance of the project; and
(C) the custody, protection, and application of all money related to the project;
(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 breach by the county of a duty or obligation.