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Texas Transportation Code - TRANSP § 367.103. Additional Bonds

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

(a) The municipality may issue additional revenue bonds to the extent permitted or authorized by the provisions of or the proceedings relating to outstanding bonds that are payable from the net revenue from the operation of the bridge, including any trust indenture securing the outstanding bonds.

(b) As permitted or authorized by those provisions and proceedings, the additional bonds may be secured by a pledge of and lien on the net revenue that are:

(1) junior to the pledge and lien securing the outstanding bonds;  or

(2) on a parity with the outstanding bonds.

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Cite this article: FindLaw.com - Texas Transportation Code - TRANSP § 367.103. Additional Bonds - last updated January 01, 2024 | https://codes.findlaw.com/tx/transportation-code/transp-sect-367-103/

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