{"data":{"id":"us-tx/tex.-government-code-1502.072","jurisdiction":"us-tx","citation":"Tex. Government Code § 1502.072","heading":"TRUSTEE.","body":"The proceedings adopted by the governing body of a municipality may provide for:\n(1) the selection of a trustee to sell the encumbered facility on default in the payment of principal or interest under the contract;\n(2) the selection of a successor trustee if the original trustee is disqualified or fails to act; and\n(3) the collection by the trustee of a fee of not more than five percent of the principal.\nAdded by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Renumbered from Sec. 1502.073 and amended by Acts 1999, 76th Leg., ch. 1064, Sec. 22, eff. Sept. 1, 1999.","path":["GOVERNMENT CODE","TITLE 9. PUBLIC SECURITIES","SUBTITLE J. SPECIFIC AUTHORITY FOR MUNICIPALITIES TO ISSUE SECURITIES","CHAPTER 1502. PUBLIC SECURITIES FOR MUNICIPAL UTILITIES, PARKS, OR POOLS","SUBCHAPTER B. PUBLIC SECURITIES FOR UTILITY SYSTEMS, PARKS, OR POOLS"],"source_url":"https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1502.htm#1502.072","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:16Z","sha256":"5de1977c884c85c6f1c9bd92b6d30cc897b24efd2e709ff25d26d4c0d72a7ff6","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-government-code-1502.071","next":"us-tx/tex.-government-code-1502.073"},"notice":"GroundRules: Original legal text. Not legal advice."}