Texas § 362.035 PLEDGE OF REVENUE AND OTHER AMOUNTS AS SECURITY.

Texas Statutes

§ 362.035 — PLEDGE OF REVENUE AND OTHER AMOUNTS AS SECURITY.

Texas § 362.035

Code HSHealth and Safety Code

This text of Texas § 362.035 (PLEDGE OF REVENUE AND OTHER AMOUNTS AS SECURITY.) 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. Health and Safety Code Code Ann. § 362.035 (2026).

Text

Sec. 362.035. PLEDGE OF REVENUE AND OTHER AMOUNTS AS SECURITY.

(a)Bonds are payable solely from and shall be secured by a pledge of:

(1)revenues of the issuer derived from the lease or sale of a system;

(2)amounts attributable to bond proceeds; or

(3)amounts obtained through the exercise of a remedy provided by the governing body's resolution or a security agreement securing the bonds in the manner specified in the resolution or security agreement.

(b)The governing body shall fix and periodically revise payments under a lease or contract for sale of a system so that the payments and other pledged revenue will be sufficient to pay the bonds and interest on the bonds as they mature and become due and to maintain reserve or other funds as provided by the resolution or security agreement.

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Sec. 362.035. PLEDGE OF REVENUE AND OTHER AMOUNTS AS SECURITY. (a) Bonds are payable solely from and shall be secured by a pledge of:
(1) revenues of the issuer derived from the lease or sale of a system;
(2) amounts attributable to bond proceeds; or
(3) amounts obtained through the exercise of a remedy provided by the governing body's resolution or a security agreement securing the bonds in the manner specified in the resolution or security agreement.
(b) The governing body shall fix and periodically revise payments under a lease or contract for sale of a system so that the payments and other pledged revenue will be sufficient to pay the bonds and interest on the bonds as they mature and become due and to maintain reserve or other funds as provided by the resolution or security agreement.
(c) The governing body may direct the investment of money in the funds created by the resolution or security agreement, and may delegate this authority to its authorized agent.