Sec. 6904.257. ADDITIONAL SECURITY. (a) Bonds, including refunding bonds, authorized by this subchapter that are not payable wholly from ad valorem taxes may be additionally secured, at the discretion of the board, by a deed of trust or mortgage lien on physical property of the district, franchises, easements, water rights and appropriation permits, leases, contracts, and all rights appurtenant to the property, vesting in the trustee power to:
(1) sell the property for the payment of the debt;
(2) operate the property; and
(3) take other action to further secure the bonds.
(b) A purchaser under a sale under the deed of trust lien, if one is given:
(1) is the absolute owner of property, facilities, and rights purchased; and
(2) is entitled to maintain and operate the property, facilities, and rights.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.06, eff. April 1, 2009.
Section: Previous 6904.204 6904.251 6904.252 6904.253 6904.254 6904.255 6904.256 6904.257 6904.258 6904.259 6904.260 6904.261 6904.262 6904.263 6904.264 NextLast modified: September 28, 2016