Section 336.306 - Security Pledged(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.Tex. Loc. Gov't. Code § 336.306
Added by Acts 2005, 79th Leg., Ch. 883, Sec. 2, eff. 6/17/2005.