Tex. Spec. Dist. Local Laws Code Section 1017.161
Authority to Borrow Money; Security

(a)

The board may borrow money at a rate of not more than 10 percent a year on district notes to pay the obligations 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 purposes for which the taxes were imposed or the 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 1017.161 — Authority to Borrow Money; Security, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1017.­htm#1017.­161 (accessed Jun. 5, 2024).

1017.001
Definitions 1017.002
Authority for Operation 1017.003
Essential Public Function 1017.004
District Territory 1017.051
Board Election 1017.052
Notice of Election 1017.053
Ballot Petition 1017.054
Qualifications for Office 1017.055
Bond 1017.056
Board Vacancy 1017.057
Officers 1017.058
Compensation 1017.059
Voting Requirement 1017.060
District Administrator 1017.061
General Duties of District Administrator 1017.062
Assistant District Administrator 1017.063
Appointments and Recruitment of Staff and Employees 1017.064
Retirement Benefits 1017.101
District Responsibility 1017.102
Restriction on Culberson County Taxation and Debt 1017.103
Management, Control, and Administration 1017.104
Rules 1017.105
Purchasing and Accounting Procedures 1017.106
Mobile Emergency Medical Service 1017.107
District Property, Facilities, and Equipment 1017.108
Eminent Domain 1017.109
Cost of Relocating or Altering Property 1017.110
Gifts and Endowments 1017.111
Construction Contracts 1017.112
Operating and Management Contracts 1017.113
Contracts with Governmental Entities for Services 1017.114
Payment for Treatment 1017.115
Reimbursement for Service 1017.116
Authority to Sue and Be Sued 1017.151
Budget 1017.152
Notice 1017.153
Amendments to Budget 1017.154
Restriction on Expenditures 1017.155
Fiscal Year 1017.156
Annual Audit 1017.157
Inspection of Annual Audit and District Records 1017.158
Financial Report 1017.159
Depository 1017.160
Spending and Investment Restrictions 1017.161
Authority to Borrow Money 1017.201
General Obligation Bonds 1017.202
Tax to Pay General Obligation Bonds 1017.203
General Obligation Bond Election 1017.204
Revenue Bonds 1017.205
Refunding Bonds 1017.206
Maturity of Bonds 1017.207
Execution of Bonds 1017.208
Bonds Exempt from Taxation 1017.251
Imposition of Ad Valorem Tax 1017.252
Tax Rate 1017.253
Tax Assessor-collector
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1017.161’s source at texas​.gov