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Texas Statutes (Last Updated: January 4, 2014) |
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WATER CODE |
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Title 2. WATER ADMINISTRATION |
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Subtitle E. GROUNDWATER MANAGEMENT |
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Chapter 36. GROUNDWATER CONSERVATION DISTRICTS |
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Subchapter F. BONDS AND NOTES |
Sec. 36.173. ADDITIONAL SECURITY FOR BONDS AND NOTES
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(a) The bonds and notes may be additionally secured by a deed of trust or mortgage lien on part or all of the physical properties of the district and rights appurtenant to those properties, vesting in the trustee power to sell the properties for payment of the indebtedness, power to operate the properties, and all other powers necessary for the further security of the bonds and notes.
(b) The trust indenture, regardless of the existence of the deed trust or mortgage lien on the properties, may contain provisions established by the board for the security of the bonds and notes and the preservation of the trust estate, may make provisions for amendment or modification, and may make provisions for investment of funds of the district.
(c) A purchaser under a sale under the deed trust or mortgage lien shall be absolute owner of the properties and rights purchased and may maintain and operate them.