Texas Laws - Government Code
GOVERNMENT CODE
TITLE 9. PUBLIC SECURITIES

SUBCHAPTER E. SECURITY FOR ISSUER (74863)(1-click HTML)
Sec. 1205.101. SECURITY AGAINST SUIT. (74864)(1-click HTML)

(a) Before the entry of final judgment in an action under this chapter, the issuer may file a motion with the court for an order that any opposing party or intervenor, other than the attorney general, be dismissed unless that person posts a bond with sufficient surety, approved by the court, and payable to the issuer for any damage or cost that may occur because of the delay caused by the continued participation of the opposing party or intervenor in the action if the issuer finally prevails and obtains substantially the judgment requested in its petition. (74865)

(b) On receipt of a motion under Subsection (a), the court shall issue an order directed to the opposing party or intervenor, with a copy of the motion, to be served on the opposing party, the intervenor, or the party's attorney, personally or by registered mail, requiring the opposing party or intervenor to: (74866)

(1) appear at the time and place directed by the court, not sooner than five nor later than 10 days after the date the order is entered; and (74867)

(2) show cause why the motion should not be granted. (74868)

(c) The court may direct that motions relating to more than one party or intervenor be heard together. (74869)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74870)

Sec. 1205.102. STANDARD FOR GRANTING OF MOTION. (74871)(1-click HTML)

The court shall grant an issuer's motion for security under Section 1205.101 unless, at the hearing on the motion, the opposing party or intervenor establishes that the person is entitled to a temporary injunction against the issuance of the public securities. (74872)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74873)

Sec. 1205.103. AMOUNT OF BOND. (74874)(1-click HTML)

(a) The court that grants a motion under this subchapter as to a particular opposing party or intervenor shall in the order set the amount of the bond to be posted by that person. (74875)

(b) The bond must be in an amount determined by the court to be sufficient to cover any damage or cost, including an anticipated increase in interest rates or in a construction or financing cost, that may occur because of the delay caused by the continued participation of the opposing party or intervenor in the acts if the issuer finally prevails and obtains substantially the judgment requested in its petition. (74876)

(c) The court may receive evidence at the hearing or during any adjournment relating to the amount of the potential damage or cost. (74877)

(d) The court may allocate the amount of the bond among opposing parties and intervenors according to the extent of their participation. (74878)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74879)

Sec. 1205.104. FAILURE TO FILE BOND. (74880)(1-click HTML)

(a) The court shall dismiss an opposing party or intervenor who does not file a required bond before the 11th day after the date of the entry of the order setting the amount of the bond. (74881)

(b) A dismissal under this section is a final judgment of the court, unless appealed under Section 1205.068. (74882)

(c) No court has further jurisdiction over any action to the extent that action involves any issue that was or could have been raised in the action under this chapter, other than an issue that may have been raised by an opposing party or intervenor who was not subject to the motion. (74883)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74884)

Sec. 1205.105. APPEAL. (74885)(1-click HTML)

(a) An order setting the amount of a bond denying the motion of an issuer for a bond, or dismissing a party for failure to file a bond may be appealed under Section 1205.068. (74886)

(b) An appellate court may: (74887)

(1) modify an order of a lower court; and (74888)

(2) enter the modified order as the final order. (74889)

(c) If an appeal is not taken or if the appeal is taken and the order of the lower court is affirmed or affirmed as modified, and the required bond is not posted before the 11th day after the date of the entry of the appropriate order, no court has further jurisdiction over any action to the extent it involves an issue that was or could have been raised in the action under this chapter, other than an issue that may have been raised by an opposing party or intervenor who was not subject to the motion. (74890)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74891)

   

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