Tex. Spec. Dist. Local Laws Code Section 1021.162
Authority to Borrow Money in Emergency; Security

(a)

Notwithstanding Section 1021.160 (Spending and Investment Restrictions), 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 2019, 86th Leg., R.S., Ch. 275 (S.B. 1950), Sec. 11, eff. May 28, 2019.

Source: Section 1021.162 — Authority to Borrow Money in Emergency; Security, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1021.­htm#1021.­162 (accessed Jun. 5, 2024).

1021.001
Definitions 1021.002
Authority for Operation 1021.003
Essential Public Function 1021.004
District Territory 1021.005
Correction of Invalid Procedures 1021.006
District Support and Maintenance Not State Obligation 1021.007
Restriction on State Financial Assistance 1021.051
Board Election 1021.052
Notice of Runoff Election 1021.053
Qualifications for Office 1021.054
Bond 1021.055
Board Vacancy 1021.056
Officers 1021.057
Compensation 1021.058
Voting Requirement 1021.059
District Administrator 1021.060
General Duties of District Administrator 1021.061
Appointment and Dismissal of Staff and Employees 1021.062
Seniority 1021.063
Maintenance of Records 1021.064
Recruitment of Medical Personnel 1021.065
Educational Programs 1021.101
District Responsibility 1021.102
Restriction on Political Subdivision Taxation and Debt 1021.103
Management, Control, and Administration 1021.104
Hospital System 1021.105
Rules 1021.106
Purchasing and Accounting Procedures 1021.107
District Property, Facilities, and Equipment 1021.108
Eminent Domain 1021.109
Gifts and Endowments 1021.110
Construction or Purchase Contracts 1021.111
Operating and Management Contracts 1021.112
Contracts with Governmental Entities for Care and Treatment 1021.113
Contracts with Governmental Entities for Investigatory or Other Services 1021.114
Payment for Treatment 1021.115
Authority to Sue and Be Sued 1021.116
Facilities or Services for Persons Who Are Elderly or Persons with Disabilities 1021.151
Budget 1021.152
Notice 1021.153
Amendments to Budget 1021.154
Restriction on Expenditures 1021.155
Fiscal Year 1021.156
Audit 1021.157
Inspection of Audit and District Records 1021.158
Financial Report 1021.159
Depository 1021.160
Spending and Investment Restrictions 1021.161
General Authority to Borrow Money 1021.162
Authority to Borrow Money in Emergency 1021.201
General Obligation Bonds 1021.202
Tax to Pay General Obligation Bonds 1021.203
General Obligation Bond Election 1021.204
Maturity of General Obligation Bonds 1021.205
Execution of General Obligation Bonds 1021.206
Revenue Bonds 1021.207
Refunding Bonds 1021.208
Bonds Exempt from Taxation 1021.251
Imposition of Ad Valorem Tax 1021.252
Tax Rate 1021.253
Assessment and Collection by County Tax Assessor-collector 1021.254
Assessment and Collection by District Tax Assessor-collector
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1021.162’s source at texas​.gov