Tex. Transp. Code § 457.256 · Subchapter F. 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 received 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), the authority may, subject to the terms of the bond indenture or resolution authorizing the issuance of the bonds, encumber a separate item of the transit authority system and acquire, use, hold, or contract for any property by lease, chattel mortgage, or other conditional sale, including an equipment trust transaction.
Notes and commentary — not statutory text
History
Added by Acts 1997, 75th Leg., ch. 165, Sec. 30.35(a), eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/TN/htm/TN.457.htm
- Text hash
- sha256 7147056c0a0a6bdab5d9513e9f6afd1f49baa9fa4129e75b4cf2c5a31222a692
- 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.