Texas § 1505.155 SECURITY FOR PAYMENT OF OBLIGATIONS.

Texas Statutes

§ 1505.155 — SECURITY FOR PAYMENT OF OBLIGATIONS.

Texas § 1505.155

Code GVGovernment Code

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Bluebook

Tex. Government Code Code Ann. § 1505.155 (2026).

Text

Sec. 1505.155. SECURITY FOR PAYMENT OF OBLIGATIONS.

(a)A municipality may secure the payment of an obligation issued under this subchapter by:

(1)mortgaging the physical property acquired or constructed or to be acquired or constructed and pledging the net revenue derived from the property; or

(2)pledging the net revenue derived from the property without a mortgage on the property.

(b)A municipality that mortgages the property may provide in the encumbrance for a grant, to a purchaser under sale or foreclosure, of a permit to operate the fish market, subject to all laws then in force regulating the operation of such an industry.

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Sec. 1505.155. SECURITY FOR PAYMENT OF OBLIGATIONS. (a) A municipality may secure the payment of an obligation issued under this subchapter by:
(1) mortgaging the physical property acquired or constructed or to be acquired or constructed and pledging the net revenue derived from the property; or
(2) pledging the net revenue derived from the property without a mortgage on the property.
(b) A municipality that mortgages the property may provide in the encumbrance for a grant, to a purchaser under sale or foreclosure, of a permit to operate the fish market, subject to all laws then in force regulating the operation of such an industry.