Tex. Spec. Dist. Local Laws Code § 8504.305 · Subchapter G. OBLIGATIONS RELATING TO BORROWED MONEY
ADDITIONAL SECURITY FOR OBLIGATION: MORTGAGE AND ENCUMBRANCE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) As additional security for the payment of an obligation issued under this chapter, the board may have executed in favor of the holder of the obligation an indenture mortgaging and encumbering:
(1) the improvements, facilities, and other property acquired with the proceeds of the sale of the obligation; or
(2) all the authority's improvements, facilities, and other property.
(b) The indenture may also mortgage and encumber the revenue to be derived from the operation of the improvements, facilities, and other property.
(c) In the encumbrance, the board may provide for granting to any purchaser at a foreclosure sale under the encumbrance a franchise to operate the improvements, facilities, and other property for a term not to exceed 50 years after the date of the purchase, subject to the laws regulating the matter.
(d) The indenture:
(1) may contain the provisions the board considers proper; and
(2) is enforceable in the manner provided by the laws of this state for the enforcement of other mortgages and encumbrances.
Notes and commentary — not statutory text
History
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.04, eff. April 1, 2015.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.8504.htm
- Text hash
- sha256 dd83ea03c5b8645edcd0c067f4b25f4e1159287b6cce780b49cb8141623e051e
- 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. Spec. Dist. Local Laws Code § 8504.305. Each shows the citation as that text prints it.
Special District Local Laws 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.