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Texas Special District Local Laws Code - SDLL § 1096.201. Revenue Bonds

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The district may issue revenue bonds to provide for any district purposes. The bonds must be authorized by a board resolution adopted by a majority vote of a quorum of the board.

(b) Revenue bonds must be payable from and secured by a pledge of all or part of the revenue derived from:

(1) the operation of the district's hospitals; and

(2) any other revenue resulting from the ownership of the hospital properties.

(c) Revenue bonds may be additionally secured by a mortgage or deed of trust lien on real property of the district or by a chattel mortgage on the district's personal property, or by both.

(d) The board may issue:

(1) bonds that are a junior lien on the district's net revenue or property, unless prohibited by the bond resolution or trust indenture; and

(2) parity bonds under conditions specified in the bond resolution or trust indenture.

(e) A bond issued under this subchapter must contain the provision: “The holder hereof shall never have the right to demand payment thereof out of money raised or to be raised by taxation.” (Acts 61st Leg., R.S., Ch. 638, Secs. 8, 9 (part), 11, 14 (part).)

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 1096.201. Revenue Bonds - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-1096-201/

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