Sec. 8501.263. ADDITIONAL SECURITY FOR OBLIGATION: MORTGAGE AND ENCUMBRANCE. (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:
(1) the improvements, facilities, and other property acquired with the proceeds of the sale of the obligation; or
(2) all the improvements, facilities, and other property of the authority.
(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.
(c) The indenture:
(1) may contain the provisions the board considers proper; and
(2) is enforceable in the manner provided by the laws of this state for the enforcement of other mortgages and encumbrances.
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.
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