Tex. Transp. Code § 172.302

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 172.302 - Security for Payment of Bonds

(a) To secure payment of district bonds, the district may:

(1) encumber and pledge all or part of the revenue of its rail facilities; and

(2) encumber all or part of the property of the rail facilities and everything pertaining to them acquired or to be acquired.

(b) Unless prohibited by the resolution or indenture relating to outstanding bonds, a district may encumber separately any item of property.

Tex. Transp. Code § 172.302

Added by Acts 2009, 81st Leg., R.S., Ch. 85 (S.B. 1540), Sec. 2.04, eff. April 1, 2011.