Tex. Gov't Code Section 1505.111
Execution of Indenture or Deed of Trust

(a)

Before an obligation issued under this subchapter is offered for sale, the mayor and the municipal treasurer or finance commissioner, if authorized by an ordinance adopted by the governing body of the municipality, may execute an indenture or deed of trust that:

(1)

makes effective the mortgage lien on any property pledged to secure payment of the principal of and interest on the obligation; and

(2)

names a bank or banking institution with trust powers.

(b)

The indenture or deed of trust may provide for a grant to a purchaser, under sale or foreclosure, of a franchise to operate the encumbered property for a term not to exceed 20 years from the date of purchase, subject to Subsection (c) and to all laws regulating the same then in force.

(c)

The municipality may, at any five-year period within the 20-year term, repurchase the property designated in the franchise under reasonable terms and at a reasonable price, as stated in the encumbrance. This subsection does not apply to any land or property in a reclaimed area that is acquired from the municipality by an individual purchaser.

(d)

The indenture or deed of trust shall be recorded in the deed of trust and mortgage records of each county in which any of the indentured property is located.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Source: Section 1505.111 — Execution of Indenture or Deed of Trust, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­1505.­htm#1505.­111 (accessed Jun. 5, 2024).

1505.001
Applicability of Subchapter 1505.002
Authority to Issue Bonds for Harbor Improvements 1505.003
Amount of Bonds 1505.004
Surplus Bonds 1505.051
Applicability of Subchapter 1505.052
Definition 1505.053
Authority for Navigational Facilities 1505.054
Authority to Issue Bonds 1505.055
Authority to Borrow from United States 1505.056
Payment of Bonds 1505.057
Encumbrance as Additional Security 1505.058
Additional Security for Project Related to Acquisition or Construction of Bridge 1505.059
Bonds Not Payable from Taxes 1505.060
Estimate of Project Cost 1505.061
Election 1505.062
Contents of Ordinance Authorizing Issuance of Bonds 1505.063
Maturity 1505.064
Medium of Payment 1505.065
Additional Bonds 1505.066
Sale of Bonds 1505.067
Deposit of Bond Proceeds 1505.068
Operating Expenses as First Lien 1505.069
Sale or Lease of Reclaimed or Reconstructed Land 1505.070
Charges 1505.071
Deposits to Bond and Interest Redemption Fund 1505.072
Disposition of Certain Surplus Money 1505.073
Separate Records 1505.074
Required Payment for Services Rendered to Municipality 1505.075
Authority to Regulate Operation of Bridges and Traffic on Bridges 1505.076
Commissioners of Navigation District 1505.077
Authority for County Appropriations 1505.078
Authority for Texas Department of Transportation Expenditures 1505.079
Certain County and Municipal Expenditures Not Prohibited 1505.080
Unexpended Balance 1505.081
Exemption from Taxation 1505.101
Applicability of Subchapter 1505.102
Definitions 1505.103
Authority to Issue Obligations for Certain Facilities 1505.104
Authority to Borrow Money 1505.105
Security for Payment of Obligations 1505.106
Obligations Not Payable from Taxes 1505.107
Election 1505.108
Maturity 1505.109
Accounts Required to Be Created by Ordinance 1505.110
Operating Expenses as First Lien 1505.111
Execution of Indenture or Deed of Trust 1505.112
Authority to Remove or Demolish Bridge or Tunnel 1505.113
Conversion of Bridge or Tunnel to Toll Bridge or Tunnel 1505.114
Eminent Domain 1505.115
Commissioners of Navigation District 1505.151
Applicability of Subchapter 1505.152
Authority to Acquire or Construct Fish Market 1505.153
Authority to Issue Obligations 1505.154
Authority to Accept Loans and Grants from United States 1505.155
Security for Payment of Obligations 1505.156
Obligations Not Payable from Taxes 1505.157
Maturity 1505.158
Operating Expenses as First Lien 1505.159
Use of Revenue 1505.160
Subordinate Obligations 1505.161
Lease and Sale of Facilities 1505.201
Applicability of Subchapter 1505.202
Definitions 1505.203
Authority to Issue Revenue Bonds 1505.204
Authority to Accept Loans and Grants 1505.205
Location of Harbor Improvement or Facility 1505.206
Pledge of Revenue 1505.207
Grant of Franchise 1505.208
Bonds Not Payable from Taxes 1505.209
Election 1505.210
Additional Bonds 1505.211
Transfer of Pledged Revenue 1505.212
Rates 1505.213
Appointment of Receiver 1505.214
Exemption from Assessment or Taxation 1505.215
Authority to Issue Refunding Bonds 1505.216
Terms of Issuance of Refunding Bonds 1505.217
Registration of Refunding Bonds by Comptroller 1505.251
Applicability of Subchapter 1505.252
Authority for Harbor, Wharf, and Dock Facilities 1505.253
Authority to Issue Bonds 1505.254
Election
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Accessed:
Jun. 5, 2024

§ 1505.111’s source at texas​.gov