Texas Special District Local Laws Code 1050.156 – Authority to Borrow Money; Security
Current as of: 2024 | Check for updates
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(a) The board may borrow money at a rate of interest the board determines is appropriate.
(b) To secure a loan, the board may pledge:
(1) district revenue that is not pledged to pay the district’s bonded indebtedness; or
(2) property acquired with the loan proceeds that is not pledged to pay the district’s bonded indebtedness.
Terms Used In Texas Special District Local Laws Code 1050.156
- Property: means real and personal property. See Texas Government Code 311.005
(c) A loan authorized by this section must mature not later than the fifth anniversary of the date the loan is made.