Sec. 2306.451. STATE PLEDGE REGARDING BONDHOLDER RIGHTS AND REMEDIES. (a) The state pledges to and agrees with the holders of bonds issued under this chapter that it will not limit or alter the rights vested in the department under this chapter to fulfill the terms of an agreement made with a bondholder or impair the rights and remedies of a bondholder until the following obligations are fully discharged:
(1) the bonds;
(2) interest on the bonds;
(3) interest on any unpaid installment of interest; and
(4) all costs and expenses related to an action or proceeding by or on behalf of the holders.
(b) The department may include the state's pledge and agreement under Subsection (a) in an agreement with the holders of the department's bonds.
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.
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