Texas Health and Safety Code 363.137 – Other Security
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(a) The bonds may be additionally secured by a deed of trust or mortgage lien on part or all of the physical property of a solid waste management system, including a resource recovery system, of the public agency and rights appurtenant to that property.
(b) The deed of trust or mortgage lien may give the trustee the power to operate the property, sell the property to pay the debt, or take any other action to secure the bonds. A purchaser at a sale under a deed of trust or mortgage lien is the absolute owner of the property and rights purchased.
Terms Used In Texas Health and Safety Code 363.137
- 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.
- Property: means real and personal property. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.
(c) Regardless of any deed of trust or mortgage lien under Subsection (a), the trust indenture may:
(1) contain any provision that the governing body prescribes for the security of the bonds and the preservation of the trust estate;
(2) provide for amendment or modification of the trust indenture; and
(3) provide for investment of the public agency’s funds.