Tex. Spec. Dist. Local Laws Code Section 8501.263
Additional Security for Obligation: Mortgage and Encumbrance

(a)

As additional security for the payment of an obligation issued under this chapter, the board may have executed in favor of the holders of the obligations an indenture mortgaging and encumbering:

(1)

the improvements, facilities, and other property acquired with the proceeds of the sale of the obligation; or

(2)

all the improvements, facilities, and other property of the authority.

(b)

In the encumbrance, the board may provide for granting to any purchaser at a foreclosure sale under the encumbrance a franchise to operate the improvements, facilities, and other property for a term not to exceed 50 years after the date of the purchase, subject to the laws regulating the matter.

(c)

The indenture:

(1)

may contain the provisions the board considers proper; and

(2)

is enforceable in the manner provided by the laws of this state for the enforcement of other mortgages and encumbrances.
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.

Source: Section 8501.263 — Additional Security for Obligation: Mortgage and Encumbrance, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­8501.­htm#8501.­263 (accessed Jun. 5, 2024).

8501.001
Definitions 8501.002
Water Rights Not Affected 8501.003
Regular Office of Authority 8501.004
Records 8501.005
Liberal Construction 8501.0015
Application of Sunset Act 8501.051
Creation and Nature of Authority 8501.052
Territory 8501.101
Membership of Board 8501.102
Terms 8501.103
Vacancy 8501.104
Oath and Bond Requirement for Director 8501.105
Compensation of Directors 8501.106
Quorum Relating to Construction Matters 8501.107
Officers 8501.108
Meetings 8501.109
Employment Preference 8501.110
Removal of Employee 8501.111
Compensation of Employees 8501.112
Director’s, Officer’s, or Employee’s Surety Bond 8501.113
Conflict of Interest 8501.151
Powers Under Constitution and Other Law 8501.152
Applicability of Water Code 8501.153
State Supervision and Approval 8501.154
General Powers Relating to Water 8501.155
Powers Relating to Particular Purposes 8501.156
Powers Relating to Flooding 8501.157
Powers Relating to Use of Water in General 8501.158
Powers Relating to Domestic, Commercial, or Industrial Use of Water 8501.159
Powers Relating to Use of Water for Irrigation 8501.160
Powers Relating to Drainage of Water 8501.161
Powers Relating to Acquisition or Operation of Works, Land, or Other Property 8501.162
Additional Powers Relating to Acquisition or Operation of Property 8501.163
Powers Relating to Contract, Lease, Agreement, or Conveyance 8501.164
Right of Eminent Domain 8501.165
Coordination and Joint Undertakings Among Districts 8501.166
No Authority for Tax or Special Assessment 8501.201
Procedure for Payment 8501.202
Records Relating to Money 8501.203
Filing of Audit 8501.204
Fees 8501.205
Limitation on Use of Revenue 8501.251
Power to Borrow Money 8501.252
Obligation Payable from Revenue 8501.253
No Creation of Debt 8501.254
Time of Sale 8501.255
Maturity 8501.256
Signatures 8501.257
Lien on Revenue 8501.258
Sinking Fund: in General 8501.259
Sinking Fund: Excess Money 8501.260
Covenants for Marketability 8501.261
Holder of Obligation May Compel Performance 8501.262
Holder of Obligation Entitled to Administrator or Receiver 8501.263
Additional Security for Obligation: Mortgage and Encumbrance 8501.264
Sale Under Mortgage or Encumbrance 8501.265
State Franchise Law Not Applicable 8501.266
Deposit of Proceeds 8501.267
Use of Unspent Proceeds After Project Completion 8501.268
Insuring Improvements and Facilities 8501.269
Refunding Obligation 8501.270
Tax Exemption 8501.901
Chapter as Full Authority
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 8501.263’s source at texas​.gov