Texas § 54.111 SECURITY FOR AND PAYMENT OF OBLIGATIONS PAYABLE FROM REVENUE.

Texas Statutes

§ 54.111 — SECURITY FOR AND PAYMENT OF OBLIGATIONS PAYABLE FROM REVENUE.

Texas § 54.111

Code TNTransportation Code

This text of Texas § 54.111 (SECURITY FOR AND PAYMENT OF OBLIGATIONS PAYABLE FROM REVENUE.) 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. § 54.111 (2026).

Text

Sec. 54.111. SECURITY FOR AND PAYMENT OF OBLIGATIONS PAYABLE FROM REVENUE.

(a)Obligations issued under this chapter and payable from revenue may be secured solely by and paid from a pledge of the net revenue derived from the operation of all or a designated part of a port improvement or facility then in existence or to be improved, constructed, or acquired.

(b)While the principal of or interest on the obligations is outstanding, the issuer shall:

(1)impose and collect charges in an amount sufficient to pay:

(A)maintenance and operation expenses of the port improvement or facility the net revenue of which is pledged;

(B)the interest on the obligations as it accrues; and

(C)the principal of the obligations as the obligations mature; and

(2)make any other payment prescribed by the ordi

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Sec. 54.111. SECURITY FOR AND PAYMENT OF OBLIGATIONS PAYABLE FROM REVENUE. (a) Obligations issued under this chapter and payable from revenue may be secured solely by and paid from a pledge of the net revenue derived from the operation of all or a designated part of a port improvement or facility then in existence or to be improved, constructed, or acquired.
(b) While the principal of or interest on the obligations is outstanding, the issuer shall:
(1) impose and collect charges in an amount sufficient to pay:
(A) maintenance and operation expenses of the port improvement or facility the net revenue of which is pledged;
(B) the interest on the obligations as it accrues; and
(C) the principal of the obligations as the obligations mature; and
(2) make any other payment prescribed by the ordinance, resolution, or other proceeding authorizing or relating to the issuance of the obligations.
(c) Obligations payable from revenue may be secured:
(1) solely by a pledge of all or part of the revenue from any lease, sublease, sale, or contract of sale entered into by the municipality or board with respect to the port improvement or facility to be financed with the obligations; or
(2) as provided by Subdivision (1) and by a trust indenture and a mortgage or deed of trust lien on or security interest in the port improvement or facility.