Texas Transportation Code 453.307 – Security Pledged
Current as of: 2024 | Check for updates
|
Other versions
(a) To secure the payment of a transit department’s bonds, the transit department may:
(1) pledge all or part of revenue received from any tax that the transit department may impose;
(2) pledge all or part of the revenue of the transit department system; and
(3) mortgage all or part of the transit department system, including any part of the system subsequently acquired.
(b) Under Subsection (a)(3), the transit department may, subject to the terms of the bond indenture or resolution authorizing the issuance of the bonds, encumber a separate item of the transit department system and acquire, use, hold, or contract for any property by lease, chattel mortgage, or other conditional sale, including an equipment trust transaction.
Terms Used In Texas Transportation Code 453.307
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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