Tex. Gov't Code § 1502.072

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 1502.072 - Trustee

The proceedings adopted by the governing body of a municipality may provide for:

(1) the selection of a trustee to sell the encumbered facility on default in the payment of principal or interest under the contract;

(2) the selection of a successor trustee if the original trustee is disqualified or fails to act; and

(3) the collection by the trustee of a fee of not more than five percent of the principal.

Tex. Gov't. Code § 1502.072

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. 9/1/1999. Renumbered from Sec. 1502.073 and amended by Acts 1999, 76th Leg., ch. 1064, Sec. 22, eff. 9/1/1999.