Texas Special District Local Laws Code 1096.201 – Revenue Bonds
Current as of: 2024 | Check for updates
|
Other versions
(a) The district may issue revenue bonds to provide for any district purposes. The bonds must be authorized by a board resolution adopted by a majority vote of a quorum of the board.
(b) Revenue bonds must be payable from and secured by a pledge of all or part of the revenue derived from:
(1) the operation of the district’s hospitals; and
(2) any other revenue resulting from the ownership of the hospital properties.
Terms Used In Texas Special District Local Laws Code 1096.201
- 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.
- Personal property: All property that is not real property.
- Property: means real and personal property. See Texas Government Code 311.005
- Quorum: The number of legislators that must be present to do business.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(c) Revenue bonds may be additionally secured by a mortgage or deed of trust lien on real property of the district or by a chattel mortgage on the district’s personal property, or by both.
(d) The board may issue:
(1) bonds that are a junior lien on the district’s net revenue or property, unless prohibited by the bond resolution or trust indenture; and
(2) parity bonds under conditions specified in the bond resolution or trust indenture.
(e) A bond issued under this subchapter must contain the provision: “The holder hereof shall never have the right to demand payment thereof out of money raised or to be raised by taxation.”