Texas Special District Local Laws Code 1001.357 – Payment of Revenue Bonds; Security
(a) The governing body may:
(1) issue revenue bonds payable from and secured by liens on and pledges of all or any part of the revenues and income, other than ad valorem taxes, derived by the district from the operation and ownership of hospital facilities; and
(2) pledge to the payment of revenue bonds all or any part of a grant, donation, or income received or to be received from the United States or any other public or private source.
(b) The bonds may be additionally secured by a mortgage or deed of trust on any real property on which a district hospital facility is or will be located and any real or personal property incident or appurtenant to the facility. The governing body may authorize the execution and delivery of a trust indenture, mortgage, deed of trust, or other form of encumbrance to evidence the security interest.
Terms Used In Texas Special District Local Laws Code 1001.357
- 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.
- 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