1. (a) A bond issued under this chapter creates and grants a lien on bond proceeds in favor of a bondholder until the bond is paid.

2. (b) In addition to other legal remedies, a bondholder may enforce the bondholder's rights against:

   1. (1) a county and its employees; and
   2. (2) a board, including an agent or employee, created to operate the project.

3. (c) A bondholder's rights include the right to:

   1. (1) require the county or board to:

      1. (A) impose and collect sufficient tolls and other charges to carry out agreements in the bond instrument; and
      2. (B) perform an agreement, covenant, or duty provided in the bond instrument; and
   2. (2) apply for and obtain the appointment of a receiver for the project.

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.