Texas Transportation Code 364.046 – Mortgage or Pledge of Revenue to Secure Bonds
Terms Used In Texas Transportation Code 364.046
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005
To accomplish any of the purposes of this chapter, a county authorized to issue bonds under this chapter with respect to those bonds may:
(1) mortgage or pledge:
(A) all or part of any interest in the county’s toll bridge or bridges, together with any associated right or property described by Section 364.002, or any other property acquired or to be acquired with the bonds or the proceeds of the sale of the bonds; or
(B) all or part of the net or gross revenues of any property described by Paragraph (A);
(2) secure the payment of the principal and interest on the bonds and of the sinking fund and reserve fund agreed to be established in connection with the bonds; and
(3) enter into any covenant or agreement with the purchasers of the bonds or any person on behalf of those purchasers with respect to the bonds to secure the payments described by Subdivision (2) and to provide rights and remedies to the purchasers or holders of the bonds or any person on their behalf as the commissioners court may provide by order or resolution.