Texas Transportation Code

§ 172.302 — SECURITY FOR PAYMENT OF BONDS

TN § 172.302Title 5. RAILROADS · Part I. SPECIAL DISTRICTS · Ch. 172. RURAL RAIL TRANSPORTATION DISTRICTS · Art. G. BONDS

(a)To secure payment of district bonds, the district may:

(1)encumber and pledge all or part of the revenue of its rail facilities; and

(2)encumber all or part of the property of the rail facilities and everything pertaining to them acquired or to be acquired.

(b)Unless prohibited by the resolution or indenture relating to outstanding bonds, a district may encumber separately any item of property.

Legislative history

Added by Acts 2009, 81st Leg., R.S., Ch. 85 (S.B. 1540), Sec. 2.04, eff. April 1, 2011.