§ 8104.307 — TRUST INDENTURE.

Texas § 8104.307

• Jurisdiction: Texas
• Code SD: Special District Local Laws Code

Text

Sec. 8104.307. TRUST INDENTURE. (a) Bonds or notes, including refunding bonds, authorized by this chapter may be additionally secured by a trust indenture under which the trustee may be a bank that has trust powers. The bank may be located in or outside of this state.
(b) Regardless of any mortgage or deed of trust lien or security interest in the facilities or assets, the trust indenture may:
(1) contain any provision prescribed by the authority and the Baytown City Council for the security of the bonds or notes and the preservation of the trust estate;
(2) provide for amendment or modification of the trust indenture;
(3) condition the right to spend authority money or to sell the authority's facilities or assets on approval of a licensed engineer selected as provided by the trust indenture; and
(4) include any other provision to protect and enforce the rights and remedies of the bond or note holders as may be reasonable and proper.

Legislative History

Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019 ), Sec. 1.06, eff. April 1, 2007.