Sec. 362.038. OTHER SECURITY. (a) The bonds may be additionally secured by a mortgage, deed of trust lien, or security interest in a designated system of the issuer's governing body and all property and rights appurtenant to the system.
(b) The mortgage, deed of trust lien, or security interest may give the trustee the power to operate the system, sell the system to pay the debt, or take any other action to secure the bonds.
(c) A purchaser at a sale under a mortgage or deed of trust lien is the absolute owner of the system and rights purchased.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Structure Texas Statutes
Title 5 - Sanitation and Environmental Quality
Subtitle B - Solid Waste, Toxic Chemicals, Sewage, Litter, and Water
Chapter 362 - Solid Waste Resource Recovery Financing Act
Section 362.031. Authority to Issue Bonds and Bond Anticipation Notes
Section 362.032. Form and Procedure
Section 362.034. Approval and Registration
Section 362.035. Pledge of Revenue and Other Amounts as Security
Section 362.036. Security May Apply to Additional Bonds
Section 362.037. Trust as Security
Section 362.038. Other Security
Section 362.039. Action by Bondholders
Section 362.040. Investment and Use of Proceeds
Section 362.041. Refunding Bonds