Texas Government Code 1508.203 – Security for Certificates
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(a) Certificates of indebtedness issued under this subchapter may be secured by and made payable from:
(1) taxes;
(2) revenue; or
(3) both taxes and revenue.
(b) To secure the repayment of certificates of indebtedness issued under this subchapter or bonds issued to refund certificates of indebtedness issued under this subchapter, the governing body of a municipality may:
(1) pledge any portion of the revenue from the ownership or operation of any facility, asset, or right under this subchapter; or
(2) execute a deed of trust or mortgage lien on any portion of a facility described by Section 1508.202.
Terms Used In Texas Government Code 1508.203
- 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.