Tex. Gov't Code § 1509.155 · Subchapter D. BONDS FOR GARBAGE RECLAMATION PROJECTS
ADDITIONAL SECURITY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Bonds issued under this subchapter may be secured additionally by an encumbrance on part or all of the physical property of the garbage reclamation project and each right relating to that property, vesting in the trustee the power to:
(1) operate the property;
(2) sell the property to pay the debt; or
(3) take any other action to secure the bonds.
(b) Regardless of an encumbrance on the property, a trust indenture on the property may:
(1) contain any provision that the governing body of the municipality prescribes for the security of the bonds and the preservation of the trust estate;
(2) provide for amendment or modification of the trust indenture; and
(3) provide for investment of revenue from the garbage reclamation project.
(c) A purchaser under a sale under the encumbrance of the property:
(1) is the absolute owner of the property and the rights purchased; and
(2) may maintain and operate the property.
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.1509.htm
- Text hash
- sha256 2602ff5d5febee757728552c1ec27ed2cf61ceb4e2313e15cc151ac391bd4655
- 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.