Texas § 8504.305 ADDITIONAL SECURITY FOR OBLIGATION: MORTGAGE AND ENCUMBRANCE.

Texas Statutes

§ 8504.305 — ADDITIONAL SECURITY FOR OBLIGATION: MORTGAGE AND ENCUMBRANCE.

Texas § 8504.305

Code SDSpecial District Local Laws Code

This text of Texas § 8504.305 (ADDITIONAL SECURITY FOR OBLIGATION: MORTGAGE AND ENCUMBRANCE.) 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. § 8504.305 (2026).

Text

Sec. 8504.305. ADDITIONAL SECURITY FOR OBLIGATION: MORTGAGE AND ENCUMBRANCE.

(a)As additional security for the payment of an obligation issued under this chapter, the board may have executed in favor of the holder of the obligation an indenture mortgaging and encumbering:

(1)the improvements, facilities, and other property acquired with the proceeds of the sale of the obligation; or

(2)all the authority's improvements, facilities, and other property.

(b)The indenture may also mortgage and encumber the revenue to be derived from the operation of the improvements, facilities, and other property.

(c)In the encumbrance, the board may provide for granting to any purchaser at a foreclosure sale under the encumbrance a franchise to operate the improvements, facilities, and other property for

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Sec. 8504.305. ADDITIONAL SECURITY FOR OBLIGATION: MORTGAGE AND ENCUMBRANCE. (a) As additional security for the payment of an obligation issued under this chapter, the board may have executed in favor of the holder of the obligation an indenture mortgaging and encumbering:
(1) the improvements, facilities, and other property acquired with the proceeds of the sale of the obligation; or
(2) all the authority's improvements, facilities, and other property.
(b) The indenture may also mortgage and encumber the revenue to be derived from the operation of the improvements, facilities, and other property.
(c) In the encumbrance, the board may provide for granting to any purchaser at a foreclosure sale under the encumbrance a franchise to operate the improvements, facilities, and other property for a term not to exceed 50 years after the date of the purchase, subject to the laws regulating the matter.
(d) The indenture:
(1) may contain the provisions the board considers proper; and
(2) is enforceable in the manner provided by the laws of this state for the enforcement of other mortgages and encumbrances.