Tex. Spec. Dist. Local Laws Code Section 8183.259
Trust Indenture

(a)

A bond issued under this subchapter, including a refunding bond, that is not payable wholly from ad valorem taxes may be additionally secured by a trust indenture. The trustee may be a bank with trust powers located inside or outside this state.

(b)

A trust indenture, regardless of the existence of the deed of trust or mortgage lien on the property, may:

(1)

provide for the security of the bonds and the preservation of the trust estate in the manner prescribed by the board;

(2)

provide for amendment or modification of the trust indenture;

(3)

provide for the issuance of bonds to replace lost or mutilated bonds;

(4)

condition the right to spend district money or sell district property on the approval of a licensed engineer selected as provided by the trust indenture; and

(5)

provide for the investment of district money.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.10, eff. April 1, 2009.

Source: Section 8183.259 — Trust Indenture, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­8183.­htm#8183.­259 (accessed Apr. 20, 2024).

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Accessed:
Apr. 20, 2024

§ 8183.259’s source at texas​.gov