Sec. 265.042. PLEDGE OF SECURITY. (a) The revenue bonds may be payable from, and secured by a pledge of, all or part of the revenues, income, or resources of the board or the board's hospital facilities. Additionally, the bonds may be secured by a mortgage or deed of trust on real or personal property, and the board may authorize the execution and delivery of trust indentures or other encumbrances to evidence the security.
(b) The bonds must contain substantially the following statement: "The owner hereof shall never have the right to demand payment of this obligation from taxes levied by the hospital board."
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Structure Texas Statutes
Chapter 265 - Joint Municipal and County Hospitals
Subchapter D. Joint County-Municipal Hospital Boards
Section 265.031. Creation of Board
Section 265.032. Appointment of Board
Section 265.034. Authority of Board
Section 265.037. Hospital Facilities; Other Property
Section 265.038. Contracts for Hospital Services
Section 265.040. Authority to Issue Revenue Bonds
Section 265.041. Terms of Bonds
Section 265.042. Pledge of Security
Section 265.043. Sale and Use of Proceeds
Section 265.044. Parity and Subordinate Lien Bonds
Section 265.045. Notice; Petition for Election
Section 265.046. Refunding Bonds
Section 265.047. Examination, Approval, and Registration of Bonds
Section 265.048. Legal Investments; Security for Deposits
Section 265.049. Charges for Services and Facilities