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 Jun. 5, 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

Accessed:
Jun. 5, 2024

§ 1015.161’s source at texas​.gov