GroundRules
Tex. Local Government Code § 501.157: DEFAULT ON AGREEMENT; ENFORCEMENT.
Where this section sits in the code
- LOCAL GOVERNMENT CODE
- TITLE 12. PLANNING AND DEVELOPMENT
- SUBTITLE C1. ADDITIONAL PLANNING AND DEVELOPMENT PROVISIONS APPLYING TO MORE THAN ONE TYPE OF LOCAL GOVERNMENT
- CHAPTER 501. PROVISIONS GOVERNING DEVELOPMENT CORPORATIONS
- SUBCHAPTER D. CORPORATE POWERS AND LIMITATIONS RELATING TO PROJECTS
An agreement relating to a project must provide that if a default occurs in the payment of the principal of or the interest or premium on the bonds or in the performance of any agreement contained in a proceeding, mortgage, or instrument, the payment or performance may be enforced by:
(1) mandamus; or
(2) the appointment of a receiver in equity with the power to:
(A) charge and collect rents, purchase price payments, and loan payments; and
(B) apply the revenue from the project in accordance with the resolution, mortgage, or instrument.
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.
Collected 2026-08-27T01:47:27Z. Source file · JSON