Sec. 367.061. MORTGAGE OR PLEDGE OF REVENUE TO SECURE BONDS. To accomplish any purpose of this subchapter, the governing body of a municipality may with respect to bonds issued under this subchapter:
(1) mortgage or pledge all or part of:
(A) any interest in a toll bridge of the municipality, together with any associated right or property described by Section 367.052, or any other property acquired or to be acquired with the bonds or the proceeds of the sale of the bonds; or
(B) the net or gross revenue of any property described by Paragraph (A);
(2) secure the payment of the principal of and interest on the bonds and of the sinking fund and reserve fund agreed to be established in connection with the bonds; and
(3) enter into any covenant or agreement with the purchasers of the bonds or any person on behalf of those purchasers with respect to the bonds to:
(A) secure the payments described by Subdivision (2); and
(B) provide rights and remedies to the purchasers or holders of the bonds or any person on their behalf.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle G - Turnpikes and Toll Projects
Chapter 367 - Municipal Toll Bridges Over Rio Grande
Subchapter B. Acquiring Existing Bridge; Building Replacement or Additional Bridge
Section 367.051. Authority to Acquire Toll Bridge
Section 367.052. Rights and Properties Associated With Toll Bridge
Section 367.053. Liberal Construction
Section 367.054. Powers to Be Exercised by Ordinance; Election Not Required
Section 367.055. General Powers of Municipality Acquiring Toll Bridge
Section 367.056. Recreational Facilities
Section 367.057. Tolls and Charges
Section 367.058. Authority to Borrow Money or Accept Federal Assistance
Section 367.059. Authority to Issue Revenue Bonds
Section 367.060. Bonds and Warrants Not Payable From Taxes
Section 367.061. Mortgage or Pledge of Revenue to Secure Bonds
Section 367.063. Sale or Exchange of Bonds
Section 367.064. Deposit of Proceeds
Section 367.065. Authority to Issue Bonds or Warrants to Repair, Improve, or Build Toll Bridge
Section 367.066. Tax Exemptions
Section 367.067. Limitations on Municipal Authority
Section 367.068. Applicability of and Conflicts With Other Law