Sec. 11003.258.  TRUST INDENTURE.  (a)  District bonds, including refunding bonds, that are not payable wholly from ad valorem taxes may be additionally secured by a trust indenture.  The trustee may be a bank with trust powers located inside or outside the state.
(b)  A trust indenture, regardless of the existence of a deed of trust or mortgage lien on property, may:
(1)  provide for the security of the bonds and the preservation of the trust estate as prescribed by the board;
(2)  provide for amendment or modification of the trust indenture;
(3)  provide for the issuance of bonds to replace lost or mutilated bonds;
(4)  condition the right to spend district money or sell district property on the approval of a licensed engineer selected as provided by the trust indenture; and
(5)  provide for the investment of district money.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.07, eff. April 1, 2015.