Sec. 1096.201. REVENUE BONDS. (a) The district may issue revenue bonds to provide for any district purposes. The bonds must be authorized by a board resolution adopted by a majority vote of a quorum of the board. (b) Revenue bonds must be payable from and secured by a pledge of all or part of the revenue derived from: (1) the operation of the district's hospitals; and (2) any other revenue resulting from the ownership of the hospital properties. (c) Revenue bonds may be additionally secured by a mortgage or deed of trust lien on real property of the district or by a chattel mortgage on the district's personal property, or by both. (d) The board may issue: (1) bonds that are a junior lien on the district's net revenue or property, unless prohibited by the bond resolution or trust indenture; and (2) parity bonds under conditions specified in the bond resolution or trust indenture. (e) A bond issued under this subchapter must contain the provision: "The holder hereof shall never have the right to demand payment thereof out of money raised or to be raised by taxation."
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