Sec. 265.0178. PLEDGE OF SECURITY. (a) A loan under Section 265.0177 may be:
(1) payable from and secured by a pledge of all or part of the revenues, income, or resources of the hospital that are not pledged to pay a bonded indebtedness of the hospital; or
(2) secured by a deed of trust or other security interest in any property of the hospital that is not pledged to pay a bonded indebtedness of the hospital.
(b) The holder of a loan obligation under Section 265.0177 is not entitled to demand payment of the principal and interest on the loan from any money or property of the hospital other than the money or property specifically pledged to secure payment of the loan.
Added by Acts 2003, 78th Leg., ch. 719, Sec. 1, eff. June 20, 2003.
Structure Texas Statutes
Chapter 265 - Joint Municipal and County Hospitals
Subchapter B. Joint Hospital With Board of Managers
Section 265.011. Establishment of Hospital by Commissioners Court and Municipal Governing Body
Section 265.013. Board of Managers
Section 265.016. Financial Statement; Budget
Section 265.017. Issuance of Revenue Bonds
Section 265.0171. Repayment of Bonds
Section 265.0172. Additional Security for Bonds
Section 265.0174. Bonds Not Payable From Taxes
Section 265.0175. Sale of Bonds
Section 265.0176. Refunding Bonds
Section 265.0177. Authority to Borrow Money
Section 265.0178. Pledge of Security
Section 265.0179. Permissible Uses of Loan Proceeds
Section 265.018. Hospital Property
Section 265.0181. Transfer of Property
Section 265.019. Use of Earnings or Assets for Private Purposes Prohibited