Texas Government Code 1505.105 – Security for Payment of Obligations
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(a) An obligation issued under this subchapter, and interest on the obligation, must be paid by an appropriation or pledge of all revenue derived from:
(1) one or more projects;
(2) any tolls authorized under Section 1505.113 and collected from the operation of an existing bridge or tunnel; or
(3) both the project and the tolls.
(b) Payment of the obligation may additionally be secured by a mortgage on any project, including a toll bridge or tunnel or reclaimed land.
Terms Used In Texas Government Code 1505.105
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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.
(c) Any revenue or income derived from one project may be pledged to the payment of an obligation issued to provide for a different project.