(a) The resolution authorizing the bonds or the trust indenture further securing the bonds may specify additional provisions that constitute a contract between the authority and its bondholders.
(b) The board has full discretion in providing for the additional provisions, including the authority to provide for a corporate trustee or receiver to take possession of authority facilities if the authority defaults in fulfilling the covenants made in the resolution or trust indenture.

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Terms Used In Texas Special District Local Laws Code 8511.0709

  • Contract: A legal written agreement that becomes binding when signed.
  • Trustee: A person or institution holding and administering property in trust.