Sec. 9011.257. ADDITIONAL SECURITY. (a) Bonds, including refunding bonds, authorized by this subchapter may be additionally secured by a deed of trust 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 the power to:
(1) sell the property; and
(2) take other action to further secure the bonds.
(b) A purchaser under a sale under the deed of trust:
(1) is the owner of the property and facilities purchased; and
(2) is entitled to maintain and operate the property and facilities.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.12, eff. April 1, 2009.
Section: Previous 9011.201 9011.202 9011.203 9011.204 9011.251 9011.252 9011.253 9011.254 9011.255 9011.256 9011.257 9011.258 9011.259 9011.260 9011.261 NextLast modified: September 28, 2016