Tex. Transp. Code § 451.357 · Subchapter H. BONDS
SECURITY PLEDGED.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) To secure the payment of an authority's bonds, the authority may:
(1) pledge all or part of revenue realized from any tax that the authority may impose;
(2) pledge all or part of the revenue of the transit authority system; and
(3) mortgage all or part of the transit authority system, including any part of the system subsequently acquired.
(b) Under Subsection (a)(3) an authority may, subject to the terms of the bond indenture or the resolution authorizing the issuance of the bonds, encumber a separate item of the transit authority system and acquire, use, hold, or contract for the property by lease, chattel mortgage, or other conditional sale including an equipment trust transaction.
(c) An authority may not issue bonds secured by ad valorem tax revenue.
(d) An authority is not prohibited by this subchapter from encumbering one or more transit authority systems to purchase, construct, extend, or repair one or more other transit authority systems.
Notes and commentary — not statutory text
History
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/TN/htm/TN.451.htm
- Text hash
- sha256 c4752646a53381729db83c5fb5a481df95e8ecae1e52ef80409f807f077cca50
- 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.