Texas § TN.452.357 - SECURITY PLEDGED
Full text of Texas The Texas Constitution § TN.452.357 — SECURITY PLEDGED, with citation guidance and answers to common questions.
§ TN.452.357. SECURITY PLEDGED
SECURITY PLEDGED. (a) To secure the payment of an authority's bonds, the authority may: (1) pledge all or part of revenue realized from any tax that the authority may impose; (2) pledge any part of the revenue of the public transportation system; (3) mortgage any part of the public transportation system, including any part of the system subsequently acquired; (4) pledge all or part of funds the federal government has committed to the authority as grants in aid; and (5) provide that a pledge of revenue described by Subdivision (1) or (2) is a first lien or charge against that revenue. (b) Under Subsection (a)(3) an authority may, subject to the terms of the bond indenture or the resolution authorizing the issuance of the bonds, encumber a separate item of the public transportation system and acquire, use, hold, or contract for the property by lease, chattel mortgage, or other conditional sale including an equipment trust transaction. (c) An authority may not issue bonds secured by ad valorem tax revenue. (d) An authority is not prohibited by this subchapter from encumbering one or more public transportation systems to purchase, construct, extend, or repair one or more other public transportation systems of the authority. (e) The authority may pledge funds described by Subsection (a)(4): (1) as the sole security for the bonds; or (2) in addition to any other security described by this section. Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995. Amended by Acts 2001, 77th Leg., ch. 509, Sec. 2, eff. Sept. 1, 2001. Amended by: Acts 2009, 81st Leg., R.S., Ch. 47 (S.B. 293 ), Sec. 1, eff. May 19, 2009.
Frequently Asked Questions About Texas § TN.452.357
What does The Texas Constitution § TN.452.357 cover?
Section TN.452.357 ("SECURITY PLEDGED") 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 § TN.452.357?
A common citation format is "The Texas Constitution § TN.452.357" (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 § TN.452.357 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.