Sec. 363.137. OTHER SECURITY. (a) The bonds may be additionally secured by a deed of trust or mortgage lien on part or all of the physical property of a solid waste management system, including a resource recovery system, of the public agency and rights appurtenant to that property. (b) The deed of trust or mortgage lien may give the trustee the power to operate the property, sell the property to pay the debt, or take any other action to secure the bonds. A purchaser at a sale under a deed of trust or mortgage lien is the absolute owner of the property and rights purchased. (c) Regardless of any deed of trust or mortgage lien under Subsection (a), the trust indenture may: (1) contain any provision that the governing body prescribes for the security of the bonds and the preservation of the trust estate; (2) provide for amendment or modification of the trust indenture; and (3) provide for investment of the public agency's funds.
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.