Texas Transportation Code

§ 54.111 — SECURITY FOR AND PAYMENT OF OBLIGATIONS PAYABLE FROM REVENUE

TN § 54.111Title 4. NAVIGATION · Part A. WATERWAYS AND PORTS · Ch. 54. HARBOR AND PORT FACILITIES IN CERTAIN MUNICIPALITIES · Art. C. OBLIGATIONS

Statute text

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(a)Obligations issued under this chapter and payable from revenue may be secured solely by and paid from a pledge of the net revenue derived from the operation of all or a designated part of a port improvement or facility then in existence or to be improved, constructed, or acquired.

(b)While the principal of or interest on the obligations is outstanding, the issuer shall:

(1)impose and collect charges in an amount sufficient to pay:

(A)maintenance and operation expenses of the port improvement or facility the net revenue of which is pledged;

(B)the interest on the obligations as it accrues; and

(C)the principal of the obligations as the obligations mature; and

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Legislative history

Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, eff. Sept. 1, 1999.