Texas § 1505.055 AUTHORITY TO BORROW FROM UNITED STATES.

Texas Statutes

§ 1505.055 — AUTHORITY TO BORROW FROM UNITED STATES.

Texas § 1505.055

Code GVGovernment Code

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Bluebook

Tex. Government Code Code Ann. § 1505.055 (2026).

Text

Sec. 1505.055. AUTHORITY TO BORROW FROM UNITED STATES.

(a)To construct and maintain a project, a municipality may borrow money from the United States or an agency of the United States created for the purpose of making such a loan.

(b)To obtain the loan, a municipality may encumber:

(1)the property and facilities of the project acquired or to be acquired;

(2)the revenue and income from the operation of the project acquired or to be acquired; and

(3)anything relating to the project acquired or to be acquired.

(c)As additional security for the loan, the municipality may:

(1)encumber the net revenue and income from the operation of all projects; and

(2)provide in the encumbrance for a grant, to a purchaser under sale or foreclosure, of a franchise to operate the encumbered project for

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Sec. 1505.055. AUTHORITY TO BORROW FROM UNITED STATES. (a) To construct and maintain a project, a municipality may borrow money from the United States or an agency of the United States created for the purpose of making such a loan.
(b) To obtain the loan, a municipality may encumber:
(1) the property and facilities of the project acquired or to be acquired;
(2) the revenue and income from the operation of the project acquired or to be acquired; and
(3) anything relating to the project acquired or to be acquired.
(c) As additional security for the loan, the municipality may:
(1) encumber the net revenue and income from the operation of all projects; and
(2) provide in the encumbrance for a grant, to a purchaser under sale or foreclosure, of a franchise to operate the encumbered project for a term not to exceed 20 years from the date of purchase, subject to all laws regulating the same then in force.