Texas Special District Local Laws Code 1012.205 – Revenue Bonds
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(a) The board may issue and sell revenue bonds in the name and on the faith and credit of the district to:
(1) purchase, construct, acquire, repair, renovate, or equip buildings or improvements for hospitals and the hospital system; or
(2) acquire sites to be used for hospital purposes.
(b) The bonds must be payable from and secured by a pledge of all or part of the revenue derived from the operation of the district’s hospital system.
Terms Used In Texas Special District Local Laws Code 1012.205
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: means real and personal property. See Texas Government Code 311.005
(c) The bonds may be additionally secured by a mortgage or deed of trust on all or part of the district’s property.
(d) The bonds must be issued in the manner provided by Sections 264.042, 264.043, and 264.046-264.049, Health and Safety Code, for issuance of revenue bonds by a county hospital authority.