Sec. 1505.155. SECURITY FOR PAYMENT OF OBLIGATIONS. (a) A municipality may secure the payment of an obligation issued under this subchapter by:
(1) mortgaging the physical property acquired or constructed or to be acquired or constructed and pledging the net revenue derived from the property; or
(2) pledging the net revenue derived from the property without a mortgage on the property.
(b) A municipality that mortgages the property may provide in the encumbrance for a grant, to a purchaser under sale or foreclosure, of a permit to operate the fish market, subject to all laws then in force regulating the operation of such an industry.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle J - Specific Authority for Municipalities to Issue Securities
Chapter 1505 - Obligations for Coastal Municipalities for Coastal Matters
Subchapter D. Obligations for Fish Markets by Certain Coastal Municipalities
Section 1505.151. Applicability of Subchapter
Section 1505.152. Authority to Acquire or Construct Fish Market
Section 1505.153. Authority to Issue Obligations
Section 1505.154. Authority to Accept Loans and Grants From United States
Section 1505.155. Security for Payment of Obligations
Section 1505.156. Obligations Not Payable From Taxes
Section 1505.158. Operating Expenses as First Lien
Section 1505.159. Use of Revenue