Tex. Water Code § 60.106 · Subchapter E. POWERS OF DISTRICTS FOR IMPROVEMENT OF PORT FACILITIES
PLEDGE OF REVENUE FOR PAYMENT OF OBLIGATIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) In proceedings to authorize the issuance of obligations under this subchapter, the district may make the obligations payable from and secured by the pledge of all or part of the revenue derived from the ownership or operation of the land, improvements, facilities, or other properties of the district, exclusive of revenue derived from taxation or assessments, or payable from and secured by the pledge of only revenue which may be derived from the ownership or operation of the land, improvements, facilities, or properties acquired with the proceeds of the sale of the obligations.
(b) The obligations may be issued in more than one series and at any time at which they may be required for carrying out the purposes of the district.
(c) Any pledge of revenue may reserve the right under conditions, specified in the pledge, to issue additional obligations which will be on a parity with, senior to, or subordinate to the obligations then being issued.
Notes and commentary — not statutory text
History
Acts 1971, 62nd Leg., p. 110, ch. 58, Sec. 1, eff. Aug. 30, 1971.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/WA/htm/WA.60.htm
- Text hash
- sha256 ba451981afc72373a8ea6dabf1b2da3c00e0d9516d2deaf7ce9fe2ee95d054e5
- 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.