Sec. 60.338. BONDS SECURED BY REVENUES. (a) Bonds secured wholly or in part by a pledge of the revenues of the district may be secured by all or that part of the revenues specified in the resolution authorizing the bonds or in the indenture securing the bonds.
(b) In making any pledge of the revenues, the right under the conditions specified to issue additional bonds which will be on a parity with, senior to, or subordinate to the bonds then being issued, may be expressly reserved.
(c) Within the discretion of the governing body, bonds may be secured further by a lien on all or any part of the physical property of the district.
Added by Acts 1973, 63rd Leg., p. 770, ch. 343, Sec. 1, eff. Aug. 27, 1973.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 60 - Navigation Districts--General Provisions
Subchapter M. Tax Bonds, Revenue Bonds, and Combination Tax and Revenue Bonds
Section 60.331. Classes of Bonds Authorized
Section 60.332. Issuance of Bonds
Section 60.334. Maturity of Bonds
Section 60.335. Registered and Bearer Bonds
Section 60.336. Lost and Destroyed Bonds
Section 60.337. Approval of Converted or Substituted Bonds
Section 60.338. Bonds Secured by Revenues
Section 60.339. Bonds Payable From Taxes
Section 60.340. Bonds Payable From Both Taxes and Revenues
Section 60.341. Rates, Tolls, and Charges
Section 60.342. Use of Bond Proceeds
Section 60.344. Refunding Bonds
Section 60.345. Approval and Incontestability of Bonds
Section 60.346. Additional Security
Section 60.347. Investment of Bond Proceeds