Tex. Transp. Code Section 453.307
Security Pledged

(a)

To secure the payment of a transit department’s bonds, the transit department may:

(1)

pledge all or part of revenue received from any tax that the transit department may impose;

(2)

pledge all or part of the revenue of the transit department system; and

(3)

mortgage all or part of the transit department system, including any part of the system subsequently acquired.

(b)

Under Subsection (a)(3), the transit department may, subject to the terms of the bond indenture or resolution authorizing the issuance of the bonds, encumber a separate item of the transit department system and acquire, use, hold, or contract for any property by lease, chattel mortgage, or other conditional sale, including an equipment trust transaction.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.

Source: Section 453.307 — Security Pledged, https://statutes.­capitol.­texas.­gov/Docs/TN/htm/TN.­453.­htm#453.­307 (accessed May 4, 2024).

453.001
Definitions 453.002
Excluded Municipalities 453.003
Continuing Application of Chapter 453.051
Creation of Transit Department 453.052
Administration of Transit Department 453.053
Board 453.054
Board Meetings 453.055
Conflicts of Interest: Transit Department Employees 453.056
Transfer of Municipal Resources to Transit Department 453.057
Investments 453.058
Accounts and Deposit of Money 453.059
Liability of Creating Municipality 453.060
Prohibition of Consumption of Alcoholic Beverage 453.061
Transportation Disadvantaged 453.101
Powers Applicable to Transit Department Having Tax 453.102
Acquiring and Disposing of Property 453.103
Transit Department System 453.104
Fares and Other Charges 453.105
Agreement with Utilities, Carriers 453.106
Contracts 453.107
Use and Acquisition of Property of Others 453.108
Routes 453.109
Tort Liability and Governmental Immunity 453.110
Tax Exemption 453.151
Board to Order Tax Election 453.152
Notice of Election 453.153
Ballot Proposition 453.154
Results of Election 453.201
Transportation for Jobs Program Participants 453.202
Waiver of Federal Requirements 453.301
Definition 453.302
Power to Issue Bonds 453.303
Bond Terms 453.304
Sale 453.305
Approval 453.306
Incontestability 453.307
Security Pledged 453.308
Pledge of Revenue Limited 453.309
Refunding Bonds 453.310
Bonds as Authorized Investments 453.311
Interest Exemption 453.401
Sales and Use Tax 453.402
Maximum Tax Rate 453.403
Election to Change Tax Rate 453.404
Sales Tax: Effective Dates 453.451
Election to Dissolve Transit Department 453.452
Election Procedures 453.453
Ballots 453.454
Effective Date of Dissolution
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Accessed:
May 4, 2024

§ 453.307’s source at texas​.gov