Texas Transportation Code

§ 452.357 — SECURITY PLEDGED

TN § 452.357Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 452. REGIONAL TRANSPORTATION AUTHORITIES · Art. H. BONDS

(a)To secure the payment of an authority's bonds, the authority may:

(1)pledge all or part of revenue realized from any tax that the authority may impose;

(2)pledge any part of the revenue of the public transportation system;

(3)mortgage any part of the public transportation system, including any part of the system subsequently acquired;

(4)pledge all or part of funds the federal government has committed to the authority as grants in aid; and

(5)provide that a pledge of revenue described by Subdivision (1) or (2) is a first lien or charge against that revenue.

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Legislative history

Acts 2009, 81st Leg., R.S., Ch. 47 (S.B. 293), Sec. 1, eff. May 19, 2009.