Sec. 601.032. DEED OF TRUST. An authority may enter into a deed of trust as security for revenue bonds and may assign and pledge all or part of the revenues or receipts of the authority under the agreement. The deed of trust may contain provisions relating to:
(1) the construction, improvement, operation, maintenance, and repair of a project and to the authority's duties regarding those actions;
(2) the application and safeguarding of funds under the control of the authority;
(3) the rights and remedies of the trustee and bondholders, including a restriction on a right of action of bondholders; and
(4) terms of the revenue bonds or the resolution authorizing their issuance.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Renumbered from Local Government Code, Section 431.032 by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.76(d)(2), eff. April 1, 2009.
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