Texas Utilities Code

§ 162.125 — ENCUMBRANCE AND DISPOSITION OF PROPERTY WITHOUT MEMBERS' AUTHORIZATION

UT § 162.125Title 4. DELIVERY OF UTILITY SERVICES · Part A. UTILITY CORPORATIONS AND OTHER PROVIDERS · Ch. 162. TELEPHONE COOPERATIVE CORPORATIONS · Art. C. POWERS OF TELEPHONE COOPERATIVE

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(a)The board of a telephone cooperative may, without authorization of the members, authorize the execution and delivery of a mortgage or deed of trust of or the encumbering of any property of the cooperative, including property to be acquired and the revenues from property of the cooperative, to secure any indebtedness of the cooperative to the United States or any lending institution licensed by the United States or a state.

(b)A mortgage or deed of trust described by Subsection (a) is exempt from a tax for recording the instrument.

Legislative history

Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.