Special District Local Laws Code § 8270.252

Sec. 8270.252. ADDITIONAL SECURITY. (a) Within the discretion of the board, bonds issued under this subchapter may be additionally secured by a deed of trust or mortgage lien on physical property of the district and franchises, easements, water rights and appropriation permits, leases, contracts, and all rights appurtenant to that property, vesting in the trustee the power to: (1) sell the property for payment of the debt; (2) operate the property; and (3) take any other action to secure the bonds. (b) A purchaser under a sale under the deed of trust or mortgage lien of the property: (1) is the absolute owner of the property, facilities, and rights purchased; and (2) may maintain and operate the property and facilities. Redesignated from Special District Local Laws Code, Chapter 9013 and amended by Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 21.101, eff. September 1, 2009.