Text of section effective on April 01, 2021
Sec. 8509.0309. TRUST INDENTURE. (a) District 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 the 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 district money or sell district property on the approval of a licensed engineer selected as provided by the trust indenture; and
(5) provide for the investment of district money.
Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172), Sec. 1.03, eff. April 1, 2021.
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