Tex. Local Government Code § 336.306
This is the official text of Tex. Local Government Code § 336.306, part of Texas’s Local Government Code — governs the powers and operations of Texas cities and counties.
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§ 336.306. SECURITY PLEDGED.
Official statutory text
(a) To secure the payment of a district's bonds, the district may:
(1) pledge all or part of revenue realized from any tax that the district may impose;
(2) pledge all or part of revenue from library facilities; or
(3) mortgage all or part of the district's facilities, including any part of the facilities subsequently acquired.
(b) A district may, subject to the terms of the bond indenture or the resolution authorizing the issuance of the bonds, secure payment of district bonds by encumbering a separate item of the district facilities and may acquire, use, hold, or contract for the property by lease, chattel mortgage, or other conditional sale.
(c) This subchapter does not prohibit a district from encumbering one or more library facilities to purchase, construct, or improve one or more other district facilities.
(1) pledge all or part of revenue realized from any tax that the district may impose;
(2) pledge all or part of revenue from library facilities; or
(3) mortgage all or part of the district's facilities, including any part of the facilities subsequently acquired.
(b) A district may, subject to the terms of the bond indenture or the resolution authorizing the issuance of the bonds, secure payment of district bonds by encumbering a separate item of the district facilities and may acquire, use, hold, or contract for the property by lease, chattel mortgage, or other conditional sale.
(c) This subchapter does not prohibit a district from encumbering one or more library facilities to purchase, construct, or improve one or more other district facilities.
Status: in_force · Read it on the official government site
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