Texas § 2306.411 SECURITY FOR PAYMENT OF PRINCIPAL, INTEREST, AND REDEMPTION PREMIUM.

Texas Statutes

§ 2306.411 — SECURITY FOR PAYMENT OF PRINCIPAL, INTEREST, AND REDEMPTION PREMIUM.

Texas § 2306.411

Code GVGovernment Code

This text of Texas § 2306.411 (SECURITY FOR PAYMENT OF PRINCIPAL, INTEREST, AND REDEMPTION PREMIUM.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Government Code Code Ann. § 2306.411 (2026).

Text

Sec. 2306.411. SECURITY FOR PAYMENT OF PRINCIPAL, INTEREST, AND REDEMPTION PREMIUM.

(a)In addition to other security for the department's bonds authorized by this chapter, payment of the principal and interest and redemption premium, if any, on the department's bonds may be secured by a first or subordinate lien on and pledge of all or part of:

(1)the department's assets and real, personal, or mixed property, including:

(A)mortgages or other obligations securing the assets of property;

(B)investments; and

(C)trust agreements or trust indentures administered by one or more corporate trustees as allowed by the board; and

(2)the reserves or funds of the department.

(b)The form of a mortgage, trust agreement, or trust indenture securing department bonds must be authorized under the reso

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Sec. 2306.411. SECURITY FOR PAYMENT OF PRINCIPAL, INTEREST, AND REDEMPTION PREMIUM. (a) In addition to other security for the department's bonds authorized by this chapter, payment of the principal and interest and redemption premium, if any, on the department's bonds may be secured by a first or subordinate lien on and pledge of all or part of:
(1) the department's assets and real, personal, or mixed property, including:
(A) mortgages or other obligations securing the assets of property;
(B) investments; and
(C) trust agreements or trust indentures administered by one or more corporate trustees as allowed by the board; and
(2) the reserves or funds of the department.
(b) The form of a mortgage, trust agreement, or trust indenture securing department bonds must be authorized under the resolution authorizing the issuance of the bonds.