Texas Government Code § 1508.203 Security For Certificates

Sec. 1508.203. SECURITY FOR CERTIFICATES. (a) Certificates of indebtedness issued under this subchapter may be secured by and made payable from:

(1) taxes;

(2) revenue; or

(3) both taxes and revenue.

(b) To secure the repayment of certificates of indebtedness issued under this subchapter or bonds issued to refund certificates of indebtedness issued under this subchapter, the governing body of a municipality may:

(1) pledge any portion of the revenue from the ownership or operation of any facility, asset, or right under this subchapter; or

(2) execute a deed of trust or mortgage lien on any portion of a facility described by Section 1508.202.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Section: Previous  1508.157  1508.158  1508.159  1508.160  1508.161  1508.162  1508.163  1508.164  1508.201  1508.202  1508.203  1508.204  1508.205  1508.206  1508.207  Next

Last modified: September 28, 2016