Section 1096.201 - Revenue Bonds(a) The district may issue revenue bonds to provide for any district purposes. The bonds must be authorized by a board resolution adopted by a majority vote of a quorum of the board.(b) Revenue bonds must be payable from and secured by a pledge of all or part of the revenue derived from:(1) the operation of the district's hospitals; and(2) any other revenue resulting from the ownership of the hospital properties.(c) Revenue bonds may be additionally secured by a mortgage or deed of trust lien on real property of the district or by a chattel mortgage on the district's personal property, or by both.(d) The board may issue: (1) bonds that are a junior lien on the district's net revenue or property, unless prohibited by the bond resolution or trust indenture; and(2) parity bonds under conditions specified in the bond resolution or trust indenture.(e) A bond issued under this subchapter must contain the provision: "The holder hereof shall never have the right to demand payment thereof out of money raised or to be raised by taxation."Tex. Spec. Dist. Loc. Laws § 1096.201
Added by Acts 2013, 83rd Leg. - Regular Session, ch. 112,Sec. 1.01, eff. 4/1/2015.