Texas § GV.1505.057 - ENCUMBRANCE AS ADDITIONAL SECURITY
Full text of Texas The Texas Constitution § GV.1505.057 — ENCUMBRANCE AS ADDITIONAL SECURITY, with citation guidance and answers to common questions.
§ GV.1505.057. ENCUMBRANCE AS ADDITIONAL SECURITY
ENCUMBRANCE AS ADDITIONAL SECURITY. (a) As additional security for the payment of the principal of and interest on bonds issued under this subchapter, a municipality may encumber any part or all of a project undertaken with funds derived from the bonds. (b) An encumbrance entered into under this section: (1) may provide for a grant, to a purchaser under sale or foreclosure, of a franchise to operate the encumbered project for a term not to exceed 20 years from the date of purchase, subject to all laws regulating the same then in force; and (2) shall: (A) provide for a trustee to enforce foreclosure; and (B) provide the municipality with the option at any five-year period within the 20-year term after purchase to repurchase a project, other than reclaimed land acquired by an individual purchaser, under reasonable terms and at a reasonable price stated in the encumbrance. (c) Subject to Section 1505.076 , the governing body of the municipality shall manage and control a project while it is encumbered under this section. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Frequently Asked Questions About Texas § GV.1505.057
What does The Texas Constitution § GV.1505.057 cover?
Section GV.1505.057 ("ENCUMBRANCE AS ADDITIONAL SECURITY") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § GV.1505.057?
A common citation format is "The Texas Constitution § GV.1505.057" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § GV.1505.057 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.