Sec. 367.061. MORTGAGE OR PLEDGE OF REVENUE TO SECURE BONDS. To accomplish any purpose of this subchapter, the governing body of a municipality may with respect to bonds issued under this subchapter: (1) mortgage or pledge all or part of: (A) any interest in a toll bridge of the municipality, together with any associated right or property described by Section 367.052 , or any other property acquired or to be acquired with the bonds or the proceeds of the sale of the bonds; or (B) the net or gross revenue of any property described by Paragraph (A); (2) secure the payment of the principal of and interest on the bonds and of the sinking fund and reserve fund agreed to be established in connection with the bonds; and (3) enter into any covenant or agreement with the purchasers of the bonds or any person on behalf of those purchasers with respect to the bonds to: (A) secure the payments described by Subdivision (2); and (B) provide rights and remedies to the purchasers or holders of the bonds or any person on their behalf.
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