Tex. Spec. Dist. Local Laws Code Section 1012.160
Authority to Borrow Money in Emergency; Security

(a)

The board may borrow money at a rate not to exceed the maximum annual percentage rate allowed by law for district obligations at the time the loan is made if the board declares that:

(1)

money is not available to meet authorized obligations of the district; and

(2)

an emergency exists.

(b)

To secure a loan, the board may pledge:

(1)

district revenue that is not pledged to pay the district’s bonded indebtedness;

(2)

a district tax to be imposed by the district in the next 12-month period that is not pledged to pay the principal of or interest on district bonds; or

(3)

district bonds that have been authorized but not sold.

(c)

A loan for which taxes or bonds are pledged must mature not later than the first anniversary of the date the loan is made. A loan for which district revenue is pledged must mature not later than the fifth anniversary of the date the loan is made.

(d)

The board may not spend money obtained from a loan under this section for any purpose other than:

(1)

the purpose for which the board declared an emergency; and

(2)

if district taxes or bonds are pledged to pay the loan, the purpose for which the pledged taxes were imposed or the pledged bonds were authorized.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.

Source: Section 1012.160 — Authority to Borrow Money in Emergency; Security, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1012.­htm#1012.­160 (accessed Dec. 2, 2023).

1012.001
Definitions 1012.002
Authority for Creation 1012.003
Essential Public Function 1012.004
District Territory 1012.005
District Support and Maintenance Not State Obligation 1012.006
Restriction on State Financial Assistance 1012.051
Board Election 1012.052
Qualifications for Office 1012.053
Board Vacancy 1012.054
Officers 1012.055
Compensation 1012.056
Voting Requirement 1012.057
Maintenance of Records 1012.058
Individual Liability of Directors 1012.059
Chief Executive Officer 1012.060
General Duties of Chief Executive Officer 1012.061
Employees 1012.062
Legal Counsel 1012.063
Recruitment of Medical Personnel 1012.064
Personnel Contracts 1012.066
Retirement Benefits 1012.101
District Responsibility 1012.102
Restriction on County or Municipality Taxation and Debt 1012.103
Management, Control, and Administration 1012.104
Hospital System 1012.105
Rules 1012.106
Purchasing and Accounting Procedures 1012.107
District Property, Facilities, and Equipment 1012.108
Eminent Domain 1012.109
Gifts and Endowments 1012.110
Construction Contracts 1012.111
Contracts with Governmental Entities for Care and Treatment 1012.112
Payment for Treatment 1012.113
Authority to Sue and Be Sued 1012.114
Facilities or Services for Persons Who Are Elderly or Disabled 1012.151
Budget 1012.152
Notice 1012.153
Amendment of Budget 1012.154
Restriction on Expenditures 1012.155
Fiscal Year 1012.156
Annual Audit 1012.157
Financial Report 1012.158
Depository 1012.159
General Authority to Borrow Money 1012.160
Authority to Borrow Money in Emergency 1012.201
General Obligation Bonds 1012.202
Tax to Pay General Obligation Bonds 1012.203
General Obligation Bond Election 1012.204
Execution of General Obligation Bonds 1012.205
Revenue Bonds 1012.206
Maturity of Bonds 1012.207
Bonds Exempt from Taxation 1012.251
Imposition of Ad Valorem Taxes 1012.252
Tax Rate 1012.253
Tax Assessor-collector 1012.301
Dissolution 1012.302
Notice of Election 1012.303
Ballot 1012.304
Election Results 1012.305
Transfer, Sale, or Administration of Assets 1012.306
Sale or Transfer of Assets and Liabilities 1012.307
Imposition of Tax and Return of Surplus Taxes 1012.308
Report
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Accessed:
Dec. 2, 2023

§ 1012.160’s source at texas​.gov