Sec. 9015.359. TRUST INDENTURE. (a) A bond authorized by the law, including a refunding bond, that is not payable wholly from ad valorem taxes may be additionally secured by a trust indenture. The trustee may be a bank with trust powers located inside or outside this state.
(b) A trust indenture, regardless of the existence of the deed of trust or mortgage lien on the property, may:
(1) provide for the security of the bonds and the preservation of the trust estate in the manner prescribed by the board;
(2) provide for amendment or modification of the trust indenture;
(3) provide for the issuance of bonds to replace lost or mutilated bonds;
(4) condition the right to spend authority money or sell authority property on the approval of a licensed engineer selected as provided by the trust indenture; and
(5) provide for the investment of authority money.
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 9009.359 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