Special District Local Laws Code § 8104.315

Sec. 8104.315. STATE PLEDGE REGARDING RIGHTS AND REMEDIES OF BOND OR NOTE HOLDERS. (a) The state pledges to and agrees with the holders of bonds or notes issued under this chapter that the state will not limit or alter the rights vested in the authority to fulfill the terms of agreements made with the holders that are consistent with this chapter or impair the rights and remedies of the holders until the following are fully discharged: (1) the bonds or notes; (2) interest on the bonds or notes; (3) interest on any unpaid installments of interest; and (4) all costs and expenses for which the authority is liable related to an action or proceeding by or on behalf of the holders. (b) The authority may include the state's pledge and agreement under Subsection (a) in an agreement with the holders of the bonds or notes. Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.06, eff. April 1, 2007.