Tex. Transp. Code § 452.357 · 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 any part of the revenue of the public transportation system;
(3) mortgage any part of the public transportation system, including any part of the system subsequently acquired;
(4) pledge all or part of funds the federal government has committed to the authority as grants in aid; and
(5) provide that a pledge of revenue described by Subdivision (1) or (2) is a first lien or charge against that revenue.
(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 public transportation 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 public transportation systems to purchase, construct, extend, or repair one or more other public transportation systems of the authority.
(e) The authority may pledge funds described by Subsection (a)(4):
(1) as the sole security for the bonds; or
(2) in addition to any other security described by this section.
Notes and commentary — not statutory text
History
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995. Amended by Acts 2001, 77th Leg., ch. 509, Sec. 2, eff. Sept. 1, 2001.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 47 (S.B. 293), Sec. 1, eff. May 19, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/TN/htm/TN.452.htm
- Text hash
- sha256 4bf12019d77e18fa1ea50ad4267f43d578a62a215c3cc72449425f0c7f40c09b
- 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 2 provisions
Provisions in this library whose text cites Tex. Transp. Code § 452.357. 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.