Texas Transportation Code

§ 454.025 — ENCUMBRANCE OF TRANSPORTATION SYSTEM

TN § 454.025Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 454. MUNICIPAL MASS TRANSPORTATION SYSTEMS · Art. B. REVENUE BONDS AND NOTES

(a)To secure the payment of bonds or notes issued under this chapter, a municipality may encumber:

(1)all or any part of the mass transportation system;

(2)the property of the system, including a bus or other vehicle, machinery, and equipment of any kind used in the operation of the system;

(3)the revenue of the system;

(4)the franchise of the system; or

(5)any other thing relating to the system that is acquired or is to be acquired.

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Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.