Texas § 11006.258 TRUST INDENTURE.

Texas Statutes

§ 11006.258 — TRUST INDENTURE.

Texas § 11006.258

Code SDSpecial District Local Laws Code

This text of Texas § 11006.258 (TRUST INDENTURE.) 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. Special District Local Laws Code Code Ann. § 11006.258 (2026).

Text

Sec. 11006.258. TRUST INDENTURE.

(a)Authority bonds, including refunding bonds, that are not payable wholly from ad valorem taxes may be additionally secured by a trust indenture. The trustee may be a bank with trust powers located inside or outside this state.

(b)A trust indenture, regardless of the existence of a deed of trust or mortgage lien on property, may:

(1)provide for the security of the bonds and the preservation of the trust estate as prescribed by the board;

(2)provide for amendment or modification of the trust indenture;

(3)provide for the issuance of bonds to replace lost or mutilated bonds;

(4)condition the right to spend authority money or sell authority property on the approval of a licensed engineer selected as provided by the trust indenture; and

(5)provide for t

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Sec. 11006.258. TRUST INDENTURE. (a) Authority bonds, including refunding bonds, that are not payable wholly from ad valorem taxes may be additionally secured by a trust indenture. The trustee may be a bank with trust powers located inside or outside this state.
(b) A trust indenture, regardless of the existence of a deed of trust or mortgage lien on property, may:
(1) provide for the security of the bonds and the preservation of the trust estate as prescribed by the board;
(2) provide for amendment or modification of the trust indenture;
(3) provide for the issuance of bonds to replace lost or mutilated bonds;
(4) condition the right to spend authority money or sell authority property on the approval of a licensed engineer selected as provided by the trust indenture; and
(5) provide for the investment of authority money.