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Texas Special District Local Laws Code - SDLL § 6902.207. Additional Security

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

(a) Bonds not payable wholly from ad valorem taxes may be additionally secured, at the discretion of the board, by a deed of trust or mortgage lien on physical property of the district, franchises, easements, water rights and appropriation permits, leases, 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 property, facilities, and rights purchased; and

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

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 6902.207. Additional Security - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-6902-207/

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