Texas Health and Safety Code 772.525 – Additional Security for Bonds
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(a) District bonds may be additionally secured by a deed of trust or mortgage lien on all or part of the district’s physical properties and rights appurtenant to the properties, vesting in the trustee power to sell the properties for payment of the indebtedness, power to operate the properties, and any other power necessary for the further security of the bonds.
(b) The bond trust indenture, regardless of the existence of a deed of trust or mortgage lien on the properties, may:
(1) contain provisions prescribed by the board for the security of the bonds and the preservation of the trust estate; and
(2) make provisions for:
(A) amendment or modification; and
(B) investment of district funds.
Terms Used In Texas Health and Safety Code 772.525
- 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.
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Trustee: A person or institution holding and administering property in trust.
(c) A purchaser under a sale under the deed of trust or mortgage lien is the absolute owner of the properties and rights purchased and may maintain and operate the properties.