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Texas Statutes (Last Updated: January 4, 2014) |
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LOCAL GOVERNMENT CODE |
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Title 10. PARKS AND OTHER RECREATIONAL AND CULTURAL RESOURCES |
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Subtitle C. PARKS AND OTHER RECREATIONAL AND CULTURAL RESOURCES PROVISIONS APPLYING TO MORE THAN ONE TYPE OF LOCAL GOVERNMENT |
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Chapter 336. MULTI-JURISDICTIONAL LIBRARY DISTRICTS |
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Subchapter H. BONDS |
Sec. 336.306. SECURITY PLEDGED
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(a) To secure the payment of a district's bonds, the district may:
(1) pledge all or part of revenue realized from any tax that the district may impose;
(2) pledge all or part of revenue from library facilities; or
(3) mortgage all or part of the district's facilities, including any part of the facilities subsequently acquired.
(b) A district may, subject to the terms of the bond indenture or the resolution authorizing the issuance of the bonds, secure payment of district bonds by encumbering a separate item of the district facilities and may acquire, use, hold, or contract for the property by lease, chattel mortgage, or other conditional sale.
(c) This subchapter does not prohibit a district from encumbering one or more library facilities to purchase, construct, or improve one or more other district facilities.