Tex. Spec. Dist. Local Laws Code Section 1015.161
Authority to Borrow Money; 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 money is not available to meet authorized district obligations, which creates an emergency.

(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)

Money obtained from a loan under this section may be spent only for:

(1)

a 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 1015.161 — Authority to Borrow Money; Security, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1015.­htm#1015.­161 (accessed Apr. 29, 2024).

1015.001
Definitions 1015.002
Authority for Operation 1015.003
Essential Public Function 1015.004
District Territory 1015.005
District Support and Maintenance Not State Obligation 1015.006
Restriction on State Financial Assistance 1015.051
Board Election 1015.052
Notice of Election 1015.053
Qualifications for Office 1015.054
Bond 1015.055
Board Vacancy 1015.056
Officers 1015.057
Compensation 1015.058
Voting Requirement 1015.059
District Administrator 1015.060
General Duties of District Administrator 1015.061
Assistant District Administrator 1015.062
Appointment and Recruitment of Staff and Employees 1015.063
Continuing Education 1015.064
Retirement Benefits 1015.101
District Responsibility 1015.102
Restriction on Municipal Taxation and Debt 1015.103
Management, Control, and Administration 1015.104
Rules 1015.105
Purchasing and Accounting Procedures 1015.106
District Property, Facilities, and Equipment 1015.107
Eminent Domain 1015.108
Cost of Relocating or Altering Property 1015.109
Gifts and Endowments 1015.110
Construction Contracts 1015.111
Operating and Management Contracts 1015.112
Contracts with Governmental Entities for Services 1015.113
Payment for Treatment 1015.114
Reimbursement for Services 1015.115
Authority to Sue and Be Sued 1015.151
Budget 1015.152
Notice 1015.153
Amendments to Budget 1015.154
Restriction on Expenditures 1015.155
Fiscal Year 1015.156
Annual Audit 1015.157
Inspection of Annual Audit and District Records 1015.158
Financial Report 1015.159
Depository 1015.160
Spending and Investment Restrictions 1015.161
Authority to Borrow Money 1015.201
General Obligation Bonds 1015.202
Tax to Pay General Obligation Bonds 1015.203
General Obligation Bond Election 1015.204
Revenue Bonds 1015.205
Refunding Bonds 1015.206
Maturity of Bonds 1015.207
Execution of Bonds 1015.208
Bonds Exempt from Taxation 1015.251
Imposition of Ad Valorem Tax 1015.252
Tax Rate 1015.253
Tax Assessor-collector 1015.254
Election to Increase Maximum Tax Rate 1015.301
Dissolution 1015.302
Notice of Election 1015.303
Ballot 1015.304
Election Results 1015.305
Directors in Office After Dissolution 1015.306
Imposition of Tax 1015.307
Disposition or Transfer of Assets and Debts 1015.308
Spending Restrictions 1015.309
Report
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Accessed:
Apr. 29, 2024

§ 1015.161’s source at texas​.gov