Tex. Spec. Dist. Local Laws Code § 8501.262 · Subchapter F. OBLIGATIONS RELATING TO BORROWED MONEY
HOLDER OF OBLIGATION ENTITLED TO ADMINISTRATOR OR RECEIVER.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) If there is a default in the payment of the principal of or interest on an obligation issued under this chapter, any holder of the obligation is entitled to have an administrator or receiver appointed by a court to administer and operate, on behalf of the authority and the holders of the obligation, the improvements and facilities the revenue of which is pledged to the payment of the obligation.
(b) The administrator or receiver may:
(1) set and collect fees sufficient to:
(A) provide for the payment of operation and maintenance expenses as described by this chapter; and
(B) pay any outstanding obligations or interest coupons payable from the revenue of the improvements and facilities; and
(2) apply the income and revenue of the improvements and facilities in accordance with this chapter and the proceedings authorizing the issuance of the obligation.
Notes and commentary — not statutory text
History
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.8501.htm
- Text hash
- sha256 0a450ff1fc4fec8a5c54c350142ca6b57f7be4d6d418fd79c00d80838bfc309b
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.