Texas Special District Local Laws Code 1063.206 – Revenue Bonds
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(a) The district may issue revenue bonds or certificates of obligation or may incur or assume any other debt only if authorized by a majority of the district voters voting in an election held for that purpose. This subsection does not apply to refunding bonds or other debt incurred solely to refinance an outstanding debt.
(b) The board may issue revenue bonds to:
(1) purchase, construct, acquire, repair, renovate, or equip buildings or improvements for health care or hospital purposes; or
(2) acquire sites to be used for health care or hospital purposes.
Terms Used In Texas Special District Local Laws Code 1063.206
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: means real and personal property. See Texas Government Code 311.005
(c) The bonds must be payable from and secured by a pledge of all or part of the revenue derived from the operation of the district’s hospital or health care facilities.
(d) The bonds may be additionally secured by a mortgage or deed of trust lien on all or part of district property.
(e) The bonds must be issued in the manner and in accordance with the procedures and requirements prescribed by Sections 264.042, 264.043, 264.046, 264.047, 264.048, and 264.049, Health and Safety Code, for issuance of revenue bonds by a county hospital authority.