(a) As additional security for the payment of an obligation issued under this chapter,
the board may have executed in favor of the holders of the obligations an indenture
mortgaging and encumbering:
(1) the improvements, facilities, and other property acquired with the proceeds of
the sale of the obligation; or
(2) all the improvements, facilities, and other property of the authority.
(b) In the encumbrance, the board may provide for granting to any purchaser at a foreclosure
sale under the encumbrance a franchise to operate the improvements, facilities, and
other property for a term not to exceed 50 years after the date of the purchase, subject
to the laws regulating the matter.
(c) The indenture:
(1) may contain the provisions the board considers proper; and
(2) is enforceable in the manner provided by the laws of this state for the enforcement
of other mortgages and encumbrances.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.