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.
(a) Bonds, including refunding bonds, authorized by this subchapter that are not payable wholly from ad valorem taxes may be additionally secured by a deed of trust lien on physical property of the district and all 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 payment of the debt;
(2) operate the property; and
(3) take other action to further secure the bonds.
(b) The deed of trust may:
(1) contain any provision the board prescribes to secure the bonds and preserve the trust estate;
(2) provide for amendment or modification of the deed of trust; and
(3) provide for the issuance of bonds to replace lost or mutilated bonds.
(c) A purchaser under a sale under the deed of trust:
(1) is the owner of the dam or dams and the other property and facilities purchased; and
(2) is entitled to maintain and operate the property and facilities. (Acts 53rd Leg., R.S., Ch. 268, Sec. 11.)
Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 9055.258. Additional security - last updated April 14, 2021 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-9055-258/
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.