Texas Transportation Code

§ 463.207 — SECURITY PLEDGED

TN § 463.207Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 463. REGIONAL TRANSIT AUTHORITIES · Art. E. BONDS

Statute text

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

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

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

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

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

(b)Under Subsection (a)(2), an authority may, subject to the terms of the bond indenture or the resolution authorizing the issuance of the bonds, encumber a separate item of the public transportation system and acquire, use, hold, or contract for the property by lease, chattel mortgage, or other conditional sale including an equipment trust transaction.

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Legislative history

Added by Acts 2019, 86th Leg., R.S., Ch. 151 (H.B. 71), Sec. 1, eff. May 24, 2019.