Sec. 9601.205. ADDITIONAL SECURITY. (a) At the discretion of the board, bonds may be additionally secured by a deed of trust or mortgage lien on all or part of the district's physical property, facilities, 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 bonds;
(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, is:
(1) the absolute owner of the property, facilities, and rights purchased; and
(2) entitled to maintain and operate the property, facilities, and rights.
Added by Acts 2009, 81st Leg., R.S., Ch. 523 (S.B. 1223), Sec. 1, eff. June 19, 2009.Section: Previous 9601.152 9601.153 9601.154 9601.201 9601.202 9601.203 9601.204 9601.205 9601.206 9601.207 9601.208 9601.209 9601.210 9601.211 9601.212 Next
Last modified: September 28, 2016