81st Texas Legislature, Regular Session, Senate Bill 1540, Chapter 85 Page: 64 of 126
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.B. No. 1540
r't '6550c, Sec. 6A(b).)
Sec. 172.257. TAX EXEMPTION. District property and revenue
ndhe interest on bonds issued by the district are exempt from any
:ax imposed by this state or a political subdivision of this state.
(V .AC.S. Art. 6550c, Sec. 8'.)
i II [Sections 172.258-172.300 reserved for expansion]
SUBCHAPTER G. BONDS
w Sec. 172.301. REVENUE BONDS. A district, by board
resolution, may issue re enue bonds in amounts that the board
considers necessary or appropriate for the acquisition, purchase,
construction, reconstruction, repair, equipping, improvement, or
extens on of its rail faci ities. (V.A.C.S. Art. 6550c, Secs. 6(a)
ec. 172.302. SECURITY FOR Pa YMENT OF BONDS. (a) To
secure payment of district bonds, the district may:
V (1) encumber and pledge all or part of the revenue of
it-sirail facilities; and
(2) encumber all or part of the property of the rail
facilities and everything pertaining to them acquired or to be
(b) Unless prohibited by the resolution or indenture
relating to outstanding bonds, a district may encumber separately
any item of property. (V.A.C.S. Art. 6550c, Sec. 6(c) (part).)
Sec. 172.303. BONDS AS AUTHORIZED INVESTMENTS AND SECURITY
FOR DEPOSITS OF PUBLIC FUNDS. (a) District bonds are legal and
authorized investments for:
1 (1) a bank;
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Texas. Legislature. Senate. 81st Texas Legislature, Regular Session, Senate Bill 1540, Chapter 85, legislative document, May 20, 2009; [Austin, Texas]. (texashistory.unt.edu/ark:/67531/metapth310917/m1/64/: accessed June 27, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.