Sec. 336.306. SECURITY PLEDGED. (a) To secure the payment of a district's bonds, the district may: (1) pledge all or part of revenue realized from any tax that the district may impose; (2) pledge all or part of revenue from library facilities; or (3) mortgage all or part of the district's facilities, including any part of the facilities subsequently acquired. (b) A district may, subject to the terms of the bond indenture or the resolution authorizing the issuance of the bonds, secure payment of district bonds by encumbering a separate item of the district facilities and may acquire, use, hold, or contract for the property by lease, chattel mortgage, or other conditional sale. (c) This subchapter does not prohibit a district from encumbering one or more library facilities to purchase, construct, or improve one or more other district facilities.
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