TRUST AS SECURITY.
Tex. HEALTH & SAFETY Code § 362.037.
in effect(a) The issuer's governing body may additionally secure bonds, including refunding bonds, by a trust indenture under which the trustee may be a bank that has trust powers and that is located inside or outside the state.
(b) Regardless of any mortgage, deed of trust lien, or security interest under Section 362.038 , the trust indenture may:
(1) contain any provision that the governing body prescribes for the security of the bonds and the preservation of the trust estate;
(2) provide for amendment or modification of the trust indenture;
(3) condition the right to spend the issuer's money or sell an issuer's system as provided by the trust indenture;
(4) provide in other manners for protection and enforcement of bondholders' rights and remedies as is reasonable and proper; and
(5) provide for the issuance of replacement bonds for lost, stolen, or mutilated bonds.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.