(a) Authority bonds, including refunding bonds, may be additionally secured by a deed of trust lien on the authority’s physical property and all franchises, easements, water rights and appropriation permits, leases, and contracts, and all rights related to the property, vesting in the trustee power to:
(1) sell the property for payment of the debt;
(2) operate the property; and
(3) take other action to further secure the bonds.
(b) The deed of trust may:
(1) contain any provision the board prescribes to secure the bonds and preserve the trust estate;
(2) provide for amendment or modification of the deed of trust; and
(3) provide for the issuance of bonds to replace lost or mutilated bonds.

Terms Used In Texas Special District Local Laws Code 8510.0509

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • 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.
  • Property: means real and personal property. See Texas Government Code 311.005
  • Trustee: A person or institution holding and administering property in trust.

(c) A purchaser under a sale under the deed of trust is the owner of the dam and other property and facilities purchased and is entitled to maintain and operate the property and facilities, if the authority forfeits or defaults.

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