Tex. Health & Safety Code § 362.037 · Subchapter C. BONDS
TRUST AS SECURITY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The issuer's governing body may additionally secure bonds, including refunding bonds, by a trust indenture under which the trustee may be a bank that has trust powers and that is located inside or outside the state.
(b) Regardless of any mortgage, deed of trust lien, or security interest under Section 362.038, the trust indenture may:
(1) contain any provision that the governing body prescribes for the security of the bonds and the preservation of the trust estate;
(2) provide for amendment or modification of the trust indenture;
(3) condition the right to spend the issuer's money or sell an issuer's system as provided by the trust indenture;
(4) provide in other manners for protection and enforcement of bondholders' rights and remedies as is reasonable and proper; and
(5) provide for the issuance of replacement bonds for lost, stolen, or mutilated bonds.
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 30947ea8458b3c84f55d81325fba5251e1860e0dab0d1cc5b652213096eedf1e
- 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
This section cites
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Health and Safety Code
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.