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Texas Statutes (Last Updated: January 4, 2014) |
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GOVERNMENT CODE |
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Title 10. GENERAL GOVERNMENT |
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Subtitle G. ECONOMIC DEVELOPMENT PROGRAMS INVOLVING BOTH STATE AND LOCAL GOVERNMENTS |
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Chapter 2306. TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS |
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Subchapter S. HOUSING FINANCE DIVISION BONDS: SECURITY FOR BONDS |
Sec. 2306.412. VALIDITY OF LIENS AND PLEDGES
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(a) A lien on or pledge of revenues, income, assets, reserves, funds, or other resources of the department, as authorized by this chapter, is valid and binding from the time of payment for and delivery of the bonds authorized by the board resolution creating or confirming the lien or pledge.
(b) A lien or pledge is fully effective as to revenues, income, assets, reserves, funds, or other resources on hand or later received, and those items are subject to the lien or pledge without physical delivery of the item or any further act.
(c) A lien or pledge is valid and binding against a party who has a claim in tort, contract, or otherwise against the department or another party, regardless of whether the party has notice of the lien or pledge.
(d) A resolution authorizing the issuance of department bonds or any other instrument creating or confirming a lien or pledge is not required to be filed or recorded, except that:
(1) the resolution or instrument must be filed in the department's records; and
(2) each department bond resolution must be submitted to the attorney general under Section 2306.431.