Texas Transportation Code 460.506 – Security Pledged
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Transportation Code 460.506
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
To secure the payment of an authority’s bonds, the authority may:
(1) pledge all or part of revenue realized from any tax that is approved and levied;
(2) pledge any part of the revenue of the public transportation system;
(3) mortgage any part of the public transportation system regardless of when acquired; or
(4) pledge government grants, contractual revenue, or lease revenue.