Texas § 8509.0308 ADDITIONAL SECURITY.

Texas Statutes

§ 8509.0308 — ADDITIONAL SECURITY.

Texas § 8509.0308

Code SDSpecial District Local Laws Code

This text of Texas § 8509.0308 (ADDITIONAL 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. Special District Local Laws Code Code Ann. § 8509.0308 (2026).

Text

Sec. 8509.0308. ADDITIONAL SECURITY.

(a)District bonds, including refunding bonds, that are not payable wholly from ad valorem taxes may be additionally secured, at the board's discretion, by a deed of trust or mortgage lien on the district's physical property and all franchises, easements, water rights and appropriation permits, leases, and contracts and all rights appurtenant to the property, vesting in the trustee power to:

(1)sell the property for the payment of the debt;

(2)operate the property; and

(3)take other action to further secure the bonds.

(b)A purchaser under a sale under the deed of trust lien, if one is given:

(1)is the absolute owner of the property, facilities, and rights purchased; and

(2)is entitled to maintain and operate the property, facilities, and rights.

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Sec. 8509.0308. ADDITIONAL SECURITY. (a) District bonds, including refunding bonds, that are not payable wholly from ad valorem taxes may be additionally secured, at the board's discretion, by a deed of trust or mortgage lien on the district's physical property and all franchises, easements, water rights and appropriation permits, leases, and contracts and all rights appurtenant to the property, vesting in the trustee power to:
(1) sell the property for the payment of the debt;
(2) operate the property; and
(3) take other action to further secure the bonds.
(b) A purchaser under a sale under the deed of trust lien, if one is given:
(1) is the absolute owner of the property, facilities, and rights purchased; and
(2) is entitled to maintain and operate the property, facilities, and rights.