Sec. 457.256. SECURITY PLEDGED. (a) To secure the payment of an authority's bonds, the authority may: (1) pledge all or part of revenue received from any tax that the authority may impose; (2) pledge all or part of the revenue of the transit authority system; and (3) mortgage all or part of the transit authority system, including any part of the system subsequently acquired. (b) Under Subsection (a)(3), the authority may, subject to the terms of the bond indenture or resolution authorizing the issuance of the bonds, encumber a separate item of the transit authority system and acquire, use, hold, or contract for any property by lease, chattel mortgage, or other conditional sale, including an equipment trust transaction.
‹ 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.