Sec. 1432.006. ADDITIONAL SECURITY. (a) Bonds issued under this chapter may be additionally secured by:
(1) an encumbrance on any real property relating to a facility authorized by this chapter owned or to be acquired by the local government;
(2) an encumbrance on any personal property appurtenant to that real property; or
(3) a pledge of any portion of any grant, donation, revenue, or income received or to be received from the United States or any other public or private source.
(b) The governing body of the local government may authorize the execution of a trust indenture, mortgage, deed of trust, or other instrument as evidence of the encumbrance.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle H - Specific Authority for More Than One Type of Local Government to Issue Securities
Chapter 1432 - Bonds for Local Government Sports Centers
Section 1432.001. Applicability of Chapter
Section 1432.003. Authority for Sports Centers
Section 1432.004. Authority to Issue Revenue Bonds
Section 1432.005. Pledge of Revenue
Section 1432.006. Additional Security
Section 1432.007. Bonds Not Payable From Taxes
Section 1432.009. Additional Bonds
Section 1432.010. Sale of Bonds
Section 1432.011. Review and Approval of Contracts Relating to Bonds
Section 1432.013. Refunding Bonds