Tex. Gov't Code Section 1509.155
Additional Security

(a)

Bonds issued under this subchapter may be secured additionally by an encumbrance on part or all of the physical property of the garbage reclamation project and each right relating to that property, vesting in the trustee the power to:

(1)

operate the property;

(2)

sell the property to pay the debt; or

(3)

take any other action to secure the bonds.

(b)

Regardless of an encumbrance on the property, a trust indenture on the property may:

(1)

contain any provision that the governing body of the municipality 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 revenue from the garbage reclamation project.

(c)

A purchaser under a sale under the encumbrance of the property:

(1)

is the absolute owner of the property and the rights purchased; and

(2)

may maintain and operate the property.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Source: Section 1509.155 — Additional Security, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­1509.­htm#1509.­155 (accessed Apr. 20, 2024).

1509.001
Authority to Acquire Property for Lease to Public or Private Entity 1509.002
Authority to Acquire Property for Sale or Lease to Institution of Higher Education 1509.003
Authority to Issue Bonds 1509.004
Bond Payments from Revenue or Taxes 1509.005
Election Required to Secure Bonds with Tax Revenue 1509.006
Contents of Ordinance, Order, or Resolution Authorizing Bonds 1509.007
Adoption and Execution of Documents 1509.008
Maturity 1509.009
Imposition of Tax 1509.010
Grants for Prisons or Law Enforcement Facilities Not Prohibited 1509.101
Applicability of Subchapter 1509.102
Definition 1509.103
Authority for Farmers’ Market 1509.104
Authority to Issue Revenue Bonds 1509.105
Pledge of Revenue 1509.106
Additional Security 1509.107
Maturity 1509.108
Additional Bonds 1509.109
Sale of Bonds 1509.110
Review and Approval of Contracts Relating to Bonds 1509.111
Charges 1509.112
Refunding Bonds 1509.113
Public Purpose 1509.114
Conflict or Inconsistency with Other Law 1509.151
Definition 1509.152
Authority for Garbage Reclamation Projects 1509.153
Authority to Issue Bonds 1509.154
Bond Payments from Revenue or Taxes 1509.155
Additional Security 1509.156
Election 1509.157
Ballot Proposition 1509.158
Contents of Order or Resolution Authorizing Bonds 1509.159
Adoption and Execution of Documents 1509.160
Maturity 1509.161
Imposition of Tax 1509.162
Refunding Bonds 1509.163
Exemption from Taxation 1509.201
Applicability of Subchapter 1509.202
Authority for Property, Facility, or Activity 1509.203
Authority to Issue Revenue Bonds 1509.204
Pledge of Revenue 1509.205
Additional Security 1509.206
Bonds Not Payable from Taxes 1509.207
Maturity 1509.208
Additional Bonds 1509.209
Sale of Bonds 1509.210
Charges 1509.211
Lease or Rental of Property or Facility to United States 1509.212
Refunding Bonds 1509.213
Public Purpose 1509.214
Conflict or Inconsistency with Other Law 1509.901
Pledge of Revenue from Toll Bridge Contract 1509.902
Authority to Issue Bonds Payable from Toll Bridge Revenue
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Accessed:
Apr. 20, 2024

§ 1509.155’s source at texas​.gov