Texas Transportation Code

§ 453.307 — SECURITY PLEDGED

TN § 453.307Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 453. MUNICIPAL TRANSIT DEPARTMENTS · Art. G. BONDS

Statute text

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(a)To secure the payment of a transit department's bonds, the transit department may:

(1)pledge all or part of revenue received from any tax that the transit department may impose;

(2)pledge all or part of the revenue of the transit department system; and

(3)mortgage all or part of the transit department system, including any part of the system subsequently acquired.

(b)Under Subsection (a)(3), the transit department may, subject to the terms of the bond indenture or resolution authorizing the issuance of the bonds, encumber a separate item of the transit department system and acquire, use, hold, or contract for any property by lease, chattel mortgage, or other conditional sale, including an equipment trust transaction.

Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.