Texas Government Code 1432.006 – Additional Security
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(a) Bonds issued under this chapter may be additionally secured by:
(1) an encumbrance on any real property relating to a facility authorized by this chapter owned or to be acquired by the local government;
(2) an encumbrance on any personal property appurtenant to that real property; or
(3) a pledge of any portion of any grant, donation, revenue, or income received or to be received from the United States or any other public or private source.
(b) The governing body of the local government may authorize the execution of a trust indenture, mortgage, deed of trust, or other instrument as evidence of the encumbrance.
Terms Used In Texas Government Code 1432.006
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005