Sec. 772.525. ADDITIONAL SECURITY FOR BONDS. (a) District bonds may be additionally secured by a deed of trust or mortgage lien on all or part of the district's physical properties and rights appurtenant to the properties, vesting in the trustee power to sell the properties for payment of the indebtedness, power to operate the properties, and any other power necessary for the further security of the bonds.
(b) The bond trust indenture, regardless of the existence of a deed of trust or mortgage lien on the properties, may:
(1) contain provisions prescribed by the board for the security of the bonds and the preservation of the trust estate; and
(2) make provisions for:
(A) amendment or modification; and
(B) investment of district funds.
(c) A purchaser under a sale under the deed of trust or mortgage lien is the absolute owner of the properties and rights purchased and may maintain and operate the properties.
Added by Acts 2013, 83rd Leg., R.S., Ch. 552 (S.B. 628), Sec. 1, eff. September 1, 2013.
Section: Previous 772.518 772.519 772.520 772.521 772.522 772.523 772.524 772.525 772.526 772.527 772.528 772.529 772.530 772.531 772.532 NextLast modified: September 28, 2016