Texas Special District Local Laws Code 21.407 – Mandamus by Bondholders
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Terms Used In Texas Special District Local Laws Code 21.407
- 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.
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
A holder of a district bond is entitled, in addition to any other right or remedy provided by law, to a writ of mandamus requiring the district and its officials to observe and perform any covenant, condition, or obligation provided by the order or resolution authorizing issuance of the bond that the district fails to observe or perform, including:
(1) a default in the payment of principal, interest, or redemption price on the bond when due; and
(2) a failure to make payment into any fund created in the order or resolution.