Texas Special District Local Laws Code 1083.2045 – Revenue Bonds
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(a) The board may issue revenue bonds to:
(1) purchase, construct, acquire, repair, renovate, or equip buildings or improvements for hospital system purposes; or
(2) acquire sites to be used for hospital system 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 hospitals.
Terms Used In Texas Special District Local Laws Code 1083.2045
- 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.
- 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 lien on all or part of the district property.
(d) The bonds must be issued in the manner and in accordance with the procedures and requirements prescribed 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.