Texas Transportation Code - Section 54.111. Security For And Payment Of Obligations Payable From Revenue
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§ 54.111. SECURITY FOR AND PAYMENT OF OBLIGATIONS PAYABLE
FROM REVENUE. (a) Obligations issued under this chapter and
payable from revenue may be secured solely by and paid from a pledge
of the net revenue derived from the operation of all or a designated
part of a port improvement or facility then in existence or to be
improved, constructed, or acquired.
(b) While the principal of or interest on the obligations is
outstanding, the issuer shall:
(1) impose and collect charges in an amount sufficient
to pay:
(A) maintenance and operation expenses of the
port improvement or facility the net revenue of which is pledged;
(B) the interest on the obligations as it
accrues; and
(C) the principal of the obligations as the
obligations mature; and
(2) make any other payment prescribed by the
ordinance, resolution, or other proceeding authorizing or relating
to the issuance of the obligations.
(c) Obligations payable from revenue may be secured:
(1) solely by a pledge of all or part of the revenue
from any lease, sublease, sale, or contract of sale entered into by
the municipality or board with respect to the port improvement or
facility to be financed with the obligations; or
(2) as provided by Subdivision (1) and by a trust
indenture and a mortgage or deed of trust lien on or security
interest in the port improvement or facility.
Added by Acts 1999, 76th Leg., ch. 227, § 20, eff. Sept. 1, 1999.
Section: 54.104 54.105 54.106 54.107 54.108 54.109 54.110 54.111 54.112 54.113 54.114 54.151 54.152 54.153 54.154
Last modified: August 10, 2007
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