Texas § 460.506 SECURITY PLEDGED.

Texas Statutes

§ 460.506 — SECURITY PLEDGED.

Texas § 460.506

Code TNTransportation Code

This text of Texas § 460.506 (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. § 460.506 (2026).

Text

Sec. 460.506. SECURITY PLEDGED. To secure the payment of an authority's bonds, the authority may:

(1)pledge all or part of revenue realized from any tax that is approved and levied;

(2)pledge any part of the revenue of the public transportation system;

(3)mortgage any part of the public transportation system regardless of when acquired; or

(4)pledge government grants, contractual revenue, or lease revenue.

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Sec. 460.506. SECURITY PLEDGED. To secure the payment of an authority's bonds, the authority may:
(1) pledge all or part of revenue realized from any tax that is approved and levied;
(2) pledge any part of the revenue of the public transportation system;
(3) mortgage any part of the public transportation system regardless of when acquired; or
(4) pledge government grants, contractual revenue, or lease revenue.

Legislative History

Added by Acts 2001, 77th Leg., ch. 1186, Sec. 1, eff. Sept. 1, 2001. Amended by Acts 2003, 78th Leg., ch. 306, Sec. 10, eff. Sept. 1, 2003. Amended by: Acts 2009, 81st Leg., R.S., Ch. 557 (S.B. 1876 ), Sec. 2, eff. September 1, 2009. Acts 2009, 81st Leg., R.S., Ch. 928 (H.B. 3070 ), Sec. 2, eff. September 1, 2009.