Section 11006.258 - Trust Indenture(a) Authority bonds, including refunding bonds, that are not payable wholly from ad valorem taxes may be additionally secured by a trust indenture. The trustee may be a bank with trust powers located inside or outside this state.(b) A trust indenture, regardless of the existence of a deed of trust or mortgage lien on property, may: (1) provide for the security of the bonds and the preservation of the trust estate as prescribed by the board;(2) provide for amendment or modification of the trust indenture;(3) provide for the issuance of bonds to replace lost or mutilated bonds;(4) condition the right to spend authority money or sell authority property on the approval of a licensed engineer selected as provided by the trust indenture; and(5) provide for the investment of authority money.Tex. Spec. Dist. Loc. Laws § 11006.258
Added by Acts 2015, Texas Acts of the 84th Leg. - Regular Session, ch. 855,Sec. 1.07, eff. 4/1/2017.