Security For Payment of Obligations

Sec. 1505.105. SECURITY FOR PAYMENT OF OBLIGATIONS. (a) An obligation issued under this subchapter, and interest on the obligation, must be paid by an appropriation or pledge of all revenue derived from: (1) one or more projects; (2) any tolls authorized under Section 1505.113 and collected from the operation of an existing bridge or tunnel; or (3) both the project and the tolls. (b) Payment of the obligation may additionally be secured by a mortgage on any project, including a toll bridge or tunnel or reclaimed land. (c) Any revenue or income derived from one project may be pledged to the payment of an obligation issued to provide for a different project. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.