Texas § 8104.306 SECURITY FOR BONDS OR NOTES.

Texas Statutes

§ 8104.306 — SECURITY FOR BONDS OR NOTES.

Texas § 8104.306

Code SDSpecial District Local Laws Code

This text of Texas § 8104.306 (SECURITY FOR BONDS OR NOTES.) 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. § 8104.306 (2026).

Text

Sec. 8104.306. SECURITY FOR BONDS OR NOTES.

(a)Bonds or notes of the authority and the interest on the bonds or notes may be secured by and payable only from the sources authorized by this chapter.

(b)The bonds or notes may be secured by and payable from a pledge of all or part of:

(1)the authority's revenues, receipts, or assets; or

(2)the revenues of one or more past or future leases or other contracts.

(c)A pledge made under this section must be specified:

(1)by the resolution authorizing the bonds or notes; or

(2)by the trust indenture or other instrument securing the bonds or notes.

(d)The lien of the pledge or security instrument is binding against all parties having claims of any kind against the authority, including tort or contract claims, regardless of whether the parties

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Sec. 8104.306. SECURITY FOR BONDS OR NOTES. (a) Bonds or notes of the authority and the interest on the bonds or notes may be secured by and payable only from the sources authorized by this chapter.
(b) The bonds or notes may be secured by and payable from a pledge of all or part of:
(1) the authority's revenues, receipts, or assets; or
(2) the revenues of one or more past or future leases or other contracts.
(c) A pledge made under this section must be specified:
(1) by the resolution authorizing the bonds or notes; or
(2) by the trust indenture or other instrument securing the bonds or notes.
(d) The lien of the pledge or security instrument is binding against all parties having claims of any kind against the authority, including tort or contract claims, regardless of whether the parties have notice of the lien.
(e) A pledge made under this section may reserve to the authority the right, under conditions the pledge specifies, to issue additional bonds or notes that will be on a parity with or subordinate to the bonds or notes then being issued.