Sec. 9015.358. ADDITIONAL SECURITY. (a) Bonds, including refunding bonds, authorized by the law that are not payable wholly from ad valorem taxes may be additionally secured, at the discretion of the board, by a deed of trust or mortgage lien on physical property of the authority, franchises, easements, water rights and appropriation permits, leases, contracts, and all rights appurtenant to the property, vesting in the trustee power to:
(1) sell the property for the payment of the debt;
(2) operate the property; and
(3) take other action to further secure the bonds.
(b) A purchaser under a sale under the deed of trust lien, if one is given:
(1) is the absolute owner of property, facilities, and rights purchased; and
(2) is entitled to maintain and operate the property, facilities, and rights.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.12, eff. April 1, 2009.
Renumbered from Special District Local Laws Code, Section 9009.358 by Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 27.001(85), eff. September 1, 2009.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle I - Water Control and Improvement Districts
Chapter 9015 - Alice Water Authority
Section 9015.351. Authority to Issue Bonds
Section 9015.352. Form of Bonds
Section 9015.354. Election for Bonds Payable From Ad Valorem Taxes
Section 9015.355. Bonds Payable From Revenue
Section 9015.356. Bonds Payable From Ad Valorem Taxes
Section 9015.357. Tax and Rate Requirements
Section 9015.358. Additional Security
Section 9015.359. Trust Indenture
Section 9015.360. Interim Bonds or Notes
Section 9015.361. Use of Bond Proceeds
Section 9015.362. Appointment of Receiver
Section 9015.363. Refunding Bonds