Sec. 1096.201. REVENUE BONDS. (a) The district may issue revenue bonds to provide for any district purposes. The bonds must be authorized by a board resolution adopted by a majority vote of a quorum of the board.
(b) Revenue bonds must be payable from and secured by a pledge of all or part of the revenue derived from:
(1) the operation of the district's hospitals; and
(2) any other revenue resulting from the ownership of the hospital properties.
(c) Revenue bonds may be additionally secured by a mortgage or deed of trust lien on real property of the district or by a chattel mortgage on the district's personal property, or by both.
(d) The board may issue:
(1) bonds that are a junior lien on the district's net revenue or property, unless prohibited by the bond resolution or trust indenture; and
(2) parity bonds under conditions specified in the bond resolution or trust indenture.
(e) A bond issued under this subchapter must contain the provision: "The holder hereof shall never have the right to demand payment thereof out of money raised or to be raised by taxation."
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.01, eff. April 1, 2015.
Section: Previous 1096.112 1096.151 1096.152 1096.153 1096.154 1096.155 1096.156 1096.157 1096.158 1096.201 1096.202 1096.203 1096.204 1096.251 1096.252 NextLast modified: September 28, 2016