Texas Natural Resources Code 221.047 – Bond Requirements
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(a) A bond issued under Section 221.046 is a negotiable instrument within the meaning and for purposes of the Business & Commerce Code.
(b) The bond may be:
(1) issued registrable as to principal or as to both principal and interest; or
(2) made redeemable before maturity.
Terms Used In Texas Natural Resources Code 221.047
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
- Personal property: All property that is not real property.
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
(c) The bond may be:
(1) issued in the form, denominations, and manner and under the terms provided by the order or resolution authorizing the issuance of the bond; and
(2) sold in the manner, at the price, and under the terms provided by the order or resolution authorizing the issuance of the bond.
(d) The bond shall:
(1) be executed in accordance with the order or resolution authorizing the issuance of the bond; and
(2) bear interest at the rate provided by the order or resolution authorizing the issuance of the bond.
(e) The bond may bear interest and may be issued in accordance with:
(1) Chapters 1201, 1204, and 1371, Government Code; or
(2) Subchapters A-C, Chapter 1207, Government Code.
(f) The bond may be additionally secured by a:
(1) mortgage or deed of trust on real property that is related to the mitigation bank; or
(2) chattel mortgage, lien, or security interest on personal property appurtenant to that real property.
(g) The eligible political subdivision may authorize the execution of a trust indenture, mortgage, deed of trust, or other encumbrance to evidence the indebtedness.
(h) The eligible political subdivision may pledge to the payment of the bond any part of a grant, a donation, revenue, or income received or to be received from the United States or any other source.