{"data":{"id":"us-tx/tex.-special-district-local-laws-code-8501.263","jurisdiction":"us-tx","citation":"Tex. Special District Local Laws Code § 8501.263","heading":"ADDITIONAL SECURITY FOR OBLIGATION: MORTGAGE AND ENCUMBRANCE.","body":"(a) As additional security for the payment of an obligation issued under this chapter, the board may have executed in favor of the holders of the obligations an indenture mortgaging and encumbering:\n(1) the improvements, facilities, and other property acquired with the proceeds of the sale of the obligation; or\n(2) all the improvements, facilities, and other property of the authority.\n(b) In the encumbrance, the board may provide for granting to any purchaser at a foreclosure sale under the encumbrance a franchise to operate the improvements, facilities, and other property for a term not to exceed 50 years after the date of the purchase, subject to the laws regulating the matter.\n(c) The indenture:\n(1) may contain the provisions the board considers proper; and\n(2) is enforceable in the manner provided by the laws of this state for the enforcement of other mortgages and encumbrances.\nActs 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.","path":["SPECIAL DISTRICT LOCAL LAWS CODE","TITLE 6. WATER AND WASTEWATER","SUBTITLE G. RIVER AUTHORITIES","CHAPTER 8501. ANGELINA AND NECHES RIVER AUTHORITY","SUBCHAPTER F. OBLIGATIONS RELATING TO BORROWED MONEY"],"source_url":"https://statutes.capitol.texas.gov/Docs/SD/htm/SD.8501.htm#8501.263","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:41Z","sha256":"c530829e296030dd4ec5c2fd9d84fa5695a4c99fab5874443e7b3304093e7143","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-special-district-local-laws-code-8501.262","next":"us-tx/tex.-special-district-local-laws-code-8501.264"},"notice":"GroundRules: Original legal text. Not legal advice."}