Tex. Gov't Code § 1505.055 · Subchapter B. BONDS FOR NAVIGATIONAL FACILITIES IN CERTAIN COASTAL MUNICIPALITIES
AUTHORITY TO BORROW FROM UNITED STATES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) To construct and maintain a project, a municipality may borrow money from the United States or an agency of the United States created for the purpose of making such a loan.
(b) To obtain the loan, a municipality may encumber:
(1) the property and facilities of the project acquired or to be acquired;
(2) the revenue and income from the operation of the project acquired or to be acquired; and
(3) anything relating to the project acquired or to be acquired.
(c) As additional security for the loan, the municipality may:
(1) encumber the net revenue and income from the operation of all projects; and
(2) provide in the encumbrance for a grant, to a purchaser under sale or foreclosure, of a franchise to operate the encumbered project for a term not to exceed 20 years from the date of purchase, subject to all laws regulating the same then in force.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1505.htm
- Text hash
- sha256 4385d182db1aad50ab9ed879dbaa1640767221bb7d4e3b3f1f59ea312784bb86
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.