Sec. 383.029. OTHER SECURITY. (a) The bonds may be additionally secured by a mortgage, deed of trust lien, or security interest in a designated control facility of the governing body and all property and rights appurtenant to the control facility.
(b) The mortgage, deed of trust lien, or security interest may give the trustee the power to operate the control facility, sell the control facility 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 control facility and rights purchased.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Structure Texas Statutes
Title 5 - Sanitation and Environmental Quality
Chapter 383 - Clean Air Financing Act
Section 383.021. Authority to Issue
Section 383.022. Form and Procedure
Section 383.024. Approval and Registration
Section 383.025. Pledge of Revenue as Security; Election
Section 383.026. Pledge of Other Utility Revenue; Election
Section 383.027. Security May Apply to Additional Bonds
Section 383.028. Trusts as Security
Section 383.029. Other Security
Section 383.030. Action by Bondholders
Section 383.031. Investment and Use of Proceeds
Section 383.032. Refunding Bonds