The Laws of Texas, 1935-1937 [Volume 30] Page: 19 of 2,460
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FORTY-FOURTH LEGISLATURE--FIRST CALLED SESSION. 1533
(e) Agreeing to fix and collect rates and charges sufficient
to produce revenues together with the moneys herein granted
and/or donated by the State of Texas adequate to pay the items
specified in Section 5 hereof, and prescribing the use and disposition
of all revenues,
(f) Prescribing limitations upon the issuance of additional
bonds and upon all agreements which may be made with the
purchaser and successive bond holders,
(g) With regard to the construction, extension, improvement,
operation, maintenance, depreciation, replacement and betterments
of the properties of the district and carrying of insurance
upon all or any part of said property covering loss or damage
or loss of use and occupance resulting from specified risks,
(h) Fixing the procedure, if any, by which, if the district
shall so desire, the terms of any contract with bond holders of
such bonds may be amended or abrogated, the amount of bonds
the holders of such must consent thereto, and the manner in
which such consent shall be evidenced, for the execution and
delivery by the district to the bank or trust company authorized
by law to accept such trust, or to the United States of America
or any office or agency thereof, of indentures or agreements
therein authorized to be made with all for the benefit of the
holders of such bonds and such other provisions as may be contained
in such indentures or agreements, and
(i) Such other provisions not inconsistent with provisions of
this Act as the Board may approve.
Any such resolution and any indenture or agreement entered
into pursuant thereto may provide that in the event that,
(a) Defaults may be made in the payment of the interest on
any or all bonds when and as the same shall become due and
payable, or
(b) Defaults shall be made in payment of the principal of
any or all bonds when and as the same shall become due and
payable, whether at maturity thereof, by call for redemption or
otherwise, or
(c) Defaults shall be made in the performance in agreement
made with purchasers or successive holders of any bonds, and
such defaults shall have continued for such period, if any, as
may be prescribed by said resolution in respect thereof, the
trustee under the indenture or indentures entered into in respect
of the bonds authorized, and by, or, if there shall be in such
indenture, a trustee appointed in the manner provided in such
resolution or resolutions by the bond holders of twenty-five
(25 %) per cent aggregate principal amount of the bonds authorized
hereby and at the time outstanding may, and upon the written
request of the holders of twenty-five (25%) per cent in
aggregate principal amount of the bonds authorized by such
resolution or resolutions at the time outstanding, shall, in his or
its own name, be for the equal and proportionate benefit of the
holders of all such bonds; and with or without having possession
thereof for the holders of all such bonds;
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1935-1937 [Volume 30], book, 1937; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth18825/m1/19/: accessed April 23, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .