Sec. 9011.257. ADDITIONAL SECURITY. (a) Bonds, including refunding bonds, authorized by this subchapter may be additionally secured by a deed of trust lien on physical property of the district, franchises, easements, water rights and appropriation permits, leases, contracts, and all rights appurtenant to the property, vesting in the trustee the power to:
(1) sell the property; and
(2) take other action to further secure the bonds.
(b) A purchaser under a sale under the deed of trust:
(1) is the owner of the property and facilities purchased; and
(2) is entitled to maintain and operate the property and facilities.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.12, eff. April 1, 2009.
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