Sec. 54.111. SECURITY FOR AND PAYMENT OF OBLIGATIONS PAYABLE FROM REVENUE. (a) Obligations issued under this chapter and payable from revenue may be secured solely by and paid from a pledge of the net revenue derived from the operation of all or a designated part of a port improvement or facility then in existence or to be improved, constructed, or acquired.
(b) While the principal of or interest on the obligations is outstanding, the issuer shall:
(1) impose and collect charges in an amount sufficient to pay:
(A) maintenance and operation expenses of the port improvement or facility the net revenue of which is pledged;
(B) the interest on the obligations as it accrues; and
(C) the principal of the obligations as the obligations mature; and
(2) make any other payment prescribed by the ordinance, resolution, or other proceeding authorizing or relating to the issuance of the obligations.
(c) Obligations payable from revenue may be secured:
(1) solely by a pledge of all or part of the revenue from any lease, sublease, sale, or contract of sale entered into by the municipality or board with respect to the port improvement or facility to be financed with the obligations; or
(2) as provided by Subdivision (1) and by a trust indenture and a mortgage or deed of trust lien on or security interest in the port improvement or facility.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, eff. Sept. 1, 1999.
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