Texas § 453.307 SECURITY PLEDGED.

Texas Statutes

§ 453.307 — SECURITY PLEDGED.

Texas § 453.307

Code TNTransportation Code

This text of Texas § 453.307 (SECURITY PLEDGED.) 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. Transportation Code Code Ann. § 453.307 (2026).

Text

Sec. 453.307. SECURITY PLEDGED.

(a)To secure the payment of a transit department's bonds, the transit department may:

(1)pledge all or part of revenue received from any tax that the transit department may impose;

(2)pledge all or part of the revenue of the transit department system; and

(3)mortgage all or part of the transit department system, including any part of the system subsequently acquired.

(b)Under Subsection (a)(3), the transit department may, subject to the terms of the bond indenture or resolution authorizing the issuance of the bonds, encumber a separate item of the transit department system and acquire, use, hold, or contract for any property by lease, chattel mortgage, or other conditional sale, including an equipment trust transaction.

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Sec. 453.307. SECURITY PLEDGED. (a) To secure the payment of a transit department's bonds, the transit department may:
(1) pledge all or part of revenue received from any tax that the transit department may impose;
(2) pledge all or part of the revenue of the transit department system; and
(3) mortgage all or part of the transit department system, including any part of the system subsequently acquired.
(b) Under Subsection (a)(3), the transit department may, subject to the terms of the bond indenture or resolution authorizing the issuance of the bonds, encumber a separate item of the transit department system and acquire, use, hold, or contract for any property by lease, chattel mortgage, or other conditional sale, including an equipment trust transaction.