GroundRules
Tex. Local Government Code § 336.306: SECURITY PLEDGED.
Where this section sits in the code
- LOCAL GOVERNMENT CODE
- TITLE 10. PARKS AND OTHER RECREATIONAL AND CULTURAL RESOURCES
- SUBTITLE C. PARKS AND OTHER RECREATIONAL AND CULTURAL RESOURCES PROVISIONS APPLYING TO MORE THAN ONE TYPE OF LOCAL GOVERNMENT
- CHAPTER 336. MULTI-JURISDICTIONAL LIBRARY DISTRICTS
- SUBCHAPTER H. BONDS
(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.
Added by Acts 2005, 79th Leg., Ch. 883 (S.B. 1205), Sec. 2, eff. June 17, 2005.
Collected 2026-08-27T01:47:27Z. Source file · JSON