Texas Transportation Code

§ 173.302 — SECURITY FOR PAYMENT OF BONDS

TN § 173.302Title 5. RAILROADS · Part I. SPECIAL DISTRICTS · Ch. 173. INTERMUNICIPAL COMMUTER RAIL DISTRICTS · Art. G. BONDS

(a)To secure payment of district bonds or notes, the district may:

(1)encumber and pledge all or part of the revenue of its commuter rail facilities; and

(2)encumber all or part of the property of the commuter rail facilities and everything pertaining to them acquired or to be acquired.

(b)Unless prohibited by the resolution or indenture relating to outstanding bonds or notes, a district may encumber separately any item of property.

Legislative history

Added by Acts 2009, 81st Leg., R.S., Ch. 85 (S.B. 1540), Sec. 2.04, eff. April 1, 2011.