Sec. 6904.258.  TRUST INDENTURE.  (a)  A bond issued under this subchapter, including a refunding bond, that is 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 the deed of trust or mortgage lien on the property, may:
(1)  provide for the security of the bonds and the preservation of the trust estate in the manner 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 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.06, eff. April 1, 2009.