Tex. Transportation Code § 457.256
This is the official text of Tex. Transportation Code § 457.256, part of Texas’s Transportation Code — governs vehicles, drivers, and roadways.
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§ 457.256. SECURITY PLEDGED.
Official statutory text
(a) To secure the payment of an authority's bonds, the authority may:
(1) pledge all or part of revenue received from any tax that the authority may impose;
(2) pledge all or part of the revenue of the transit authority system; and
(3) mortgage all or part of the transit authority system, including any part of the system subsequently acquired.
(b) Under Subsection (a)(3), the authority may, subject to the terms of the bond indenture or resolution authorizing the issuance of the bonds, encumber a separate item of the transit authority system and acquire, use, hold, or contract for any property by lease, chattel mortgage, or other conditional sale, including an equipment trust transaction.
(1) pledge all or part of revenue received from any tax that the authority may impose;
(2) pledge all or part of the revenue of the transit authority system; and
(3) mortgage all or part of the transit authority system, including any part of the system subsequently acquired.
(b) Under Subsection (a)(3), the authority may, subject to the terms of the bond indenture or resolution authorizing the issuance of the bonds, encumber a separate item of the transit authority system and acquire, use, hold, or contract for any property by lease, chattel mortgage, or other conditional sale, including an equipment trust transaction.
Status: in_force · Read it on the official government site
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