Tex. Health & Safety Code § 362.035 · Subchapter C. BONDS
PLEDGE OF REVENUE AND OTHER AMOUNTS AS SECURITY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Bonds are payable solely from and shall be secured by a pledge of:
(1) revenues of the issuer derived from the lease or sale of a system;
(2) amounts attributable to bond proceeds; or
(3) amounts obtained through the exercise of a remedy provided by the governing body's resolution or a security agreement securing the bonds in the manner specified in the resolution or security agreement.
(b) The governing body shall fix and periodically revise payments under a lease or contract for sale of a system so that the payments and other pledged revenue will be sufficient to pay the bonds and interest on the bonds as they mature and become due and to maintain reserve or other funds as provided by the resolution or security agreement.
(c) The governing body may direct the investment of money in the funds created by the resolution or security agreement, and may delegate this authority to its authorized agent.
Notes and commentary — not statutory text
History
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/HS/htm/HS.362.htm
- Text hash
- sha256 eee46d9bbf00eb77d51470ec4b19f94f06cbb5e9302a04710199606eacd91eca
- 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
Cited by 1 provision
Provisions in this library whose text cites Tex. Health & Safety Code § 362.035. Each shows the citation as that text prints it.
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.