Texas Health and Safety Code 775.085 – Loan for Real Property or Emergency Services Equipment
Current as of: 2024 | Check for updates
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(a) The board, on the behalf of the district, may borrow money and make other financial arrangements to purchase real property or emergency services equipment or construct emergency services facilities in the amount and subject to a rate of interest or other conditions the board considers advisable.
(b) To secure a loan under this section, the board may pledge:
(1) tax revenues or funds on hand that are not otherwise pledged to pay a debt of the district; or
(2) the real property acquired or improved or equipment acquired with the borrowed money.
Terms Used In Texas Health and Safety Code 775.085
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(c) If tax revenues are pledged to pay a loan, the loan must mature not later than the:
(1) 10th anniversary of the date the loan is made, if the loan is for equipment; or
(2) 20th anniversary of the date the loan is made, if the loan is for real property.
(d) § 775.077 does not apply to a loan secured under this section, including a loan made before the effective date of this subsection.