Tex. Water Code § 54.504 · Subchapter F. ISSUANCE OF BONDS
ADDITIONAL SECURITY FOR BONDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The bonds, within the discretion of the board, may be additionally secured by a deed of trust or mortgage lien on part or all of the physical properties of the district, and franchises, easements, water rights, and appropriation permits, leases, and contracts and all rights appurtenant to such properties, vesting in the trustee power to sell the properties for payment of the indebtedness, power to operate the properties, and all other powers and authority necessary for the further security of the bonds.
(b) The trust indenture, regardless of the existence of the deed of trust or mortgage lien on the properties, may contain provisions prescribed by the board for the security of the bonds and the preservation of the trust estate, and may make provisions for amendment or modification, and may condition the right to spend district money or sell district property on approval of a registered professional engineer selected as provided in the trust indenture and may make provisions for investment of funds of the district.
(c) Any purchaser under a sale under the deed of trust or mortgage lien, where one is given, shall be absolute owner of the properties, facilities, and rights purchased and shall have the right to maintain and operate them.
Notes and commentary — not statutory text
History
Added by Acts 1971, 62nd Leg., p. 796, ch. 84, Sec. 1.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/WA/htm/WA.54.htm
- Text hash
- sha256 0d15bc6b699e4e03aca028ebf627b19c1dba2e39c2c9f6050c3b448cb1dfa47b
- 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. Water Code § 54.504. Each shows the citation as that text prints it.
Special District Local Laws Code
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