Tex. Transp. Code Section 228.110
Provisions Protecting and Enforcing Rights and Remedies of Bondholders

A trust agreement or order providing for the issuance of bonds may contain provisions to protect and enforce the rights and remedies of the bondholders, including:

(1)

covenants establishing the commission’s duties relating to:

(A)

the acquisition of property;

(B)

the design, development, financing, construction, improvement, expansion, maintenance, repair, operation, and insurance of the toll project or system in connection with which the bonds were authorized; and

(C)

the custody, safeguarding, and application of money;

(2)

covenants prescribing events that constitute default;

(3)

covenants relating to the rights, powers, liabilities, or duties that arise on the breach of a duty of the commission, including the right of the trustee to bring actions against the commission or the department in any state court to enforce the covenants in the agreement, and the sovereign immunity of the state is waived for that purpose; and

(4)

provisions for the employment of consulting engineers in connection with the construction or operation of the project or system.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995. Amended by Acts 2003, 78th Leg., ch. 312, Sec. 28, eff. June 18, 2003; Acts 2003, 78th Leg., ch. 1325, Sec. 15.29, eff. June 21, 2003; Acts 2003, 78th Leg., 3rd C.S., ch. 8, Sec. 1.08, eff. Jan. 11, 2004.
Transferred from Transportation Code, Section 361.177 and amended by Acts 2005, 79th Leg., Ch. 281 (H.B. 2702), Sec. 2.42, eff. June 14, 2005.

Source: Section 228.110 — Provisions Protecting and Enforcing Rights and Remedies of Bondholders, https://statutes.­capitol.­texas.­gov/Docs/TN/htm/TN.­228.­htm#228.­110 (accessed Jun. 5, 2024).

228.001
Definitions 228.002
Agreements with Public Entities 228.003
Agreements with Other Governmental Agencies 228.004
Promotion of Toll Project 228.005
Revenue of Toll Project or System 228.006
Use of Surplus Revenue 228.007
Toll Lanes 228.008
Tolls on Exclusive Lane 228.009
Audit 228.010
Establishment of Toll Systems 228.011
Toll Projects in Certain Counties 228.012
Project Subaccounts 228.013
Determination of Financial Terms for Certain Toll Projects 228.0031
Agreements with Local Governments 228.051
Designation 228.052
Operation of Toll Project or System 228.053
Revenue 228.054
Toll Payment Required 228.0055
Use of Contract Payments and Other Revenue 228.055
Exceptions for Leased or Transferred Vehicle 228.056
Presumptions 228.057
Electronic Toll Collection 228.058
Automated Enforcement Technology 228.059
Toll Collection and Enforcement by Other Entity 228.101
Construction Costs 228.102
Issuance of Bonds 228.103
Applicability of Other Law 228.104
Payment of Bonds 228.105
Sources of Payment of and Security for Toll Revenue Bonds 228.106
Interim Bonds 228.107
Effect of Lien 228.108
Approval of Bonds by Attorney General 228.109
Trust Agreement 228.110
Provisions Protecting and Enforcing Rights and Remedies of Bondholders 228.111
Furnishing of Indemnifying Bonds or Pledge of Securities 228.112
Feasibility Study by Municipality, County, or Private Group 228.113
Trust Fund 228.114
Remedies 228.115
Exemption from Taxation or Assessment 228.116
Valuation of Bonds Securing Deposit of Public Funds 228.117
Funding for Department District 228.151
Lease, Sale, or Transfer of Toll Project or System 228.152
Discharge of Outstanding Bonded Indebtedness 228.153
Repayment of Department’s Expenditures 228.154
Approval of Agreement by Attorney General 228.201
Limitation on Toll Facility Designation 228.204
Rules 228.205
Queen Isabella Causeway 228.206
Toll Revenue 228.251
Definitions 228.252
Applicability of Other Law 228.253
Use of Federal Funds 228.254
Agreements Between Authority and Local Governmental Entities 228.0545
Toll Not Paid at Time of Use 228.0546
Invoice Requirements 228.0547
Payment of Toll Invoice
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 228.110’s source at texas​.gov