Section 383.028 - Trusts As Security(a) The governing body may additionally secure bonds, including refunding bonds, by a trust indenture under which the trustee may be a bank having trust powers located inside or outside the state.(b) Regardless of any mortgage, deed of trust lien, or security interest under Section 383.029, 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 control facility on approval of a registered professional engineer selected as provided by the trust indenture;(4) contain provisions governing issuance of bonds to replace lost, stolen, or mutilated bonds; and(5) otherwise provide for protecting and enforcing a bondholder's rights and remedies as is reasonable, proper, and lawful.Tex. Health and Safety Code § 383.028
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. 9/1/1989.