Tex. Spec. Dist. Local Laws Code § 8510.0509 · Subchapter E. BORROWED MONEY OR GRANTS
ADDITIONAL SECURITY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Authority bonds, including refunding bonds, may be additionally secured by a deed of trust lien on the authority's physical property and all franchises, easements, water rights and appropriation permits, leases, and contracts, and all rights related to the property, vesting in the trustee power to:
(1) sell the property for payment of the debt;
(2) operate the property; and
(3) take other action to further secure the bonds.
(b) The deed of trust may:
(1) contain any provision the board prescribes to secure the bonds and preserve the trust estate;
(2) provide for amendment or modification of the deed of trust; and
(3) provide for the issuance of bonds to replace lost or mutilated bonds.
(c) A purchaser under a sale under the deed of trust is the owner of the dam and other property and facilities purchased and is entitled to maintain and operate the property and facilities, if the authority forfeits or defaults.
Notes and commentary — not statutory text
History
Added by Acts 2021, 87th Leg., R.S., Ch. 914 (H.B. 3530), Sec. 1.03, eff. April 1, 2023.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.8510.htm
- Text hash
- sha256 d9e0495ef1c33d05e7c456758e5d0172b7bd9682be7d99e8d6f2ab0d455b5a1e
- 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 § 8510.0509. Each shows the citation as that text prints it.
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