Tex. Spec. Dist. Local Laws Code Section 1023.162
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 determines that:

(1)

money is not available to meet lawful 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)

tax revenue to be collected 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 tax revenue or bonds are pledged must mature not later than the first anniversary of the date the loan is made. A loan for which other 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 tax revenue 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 1023.162 — Authority to Borrow Money in Emergency; Security, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1023.­htm#1023.­162 (accessed Jun. 5, 2024).

1023.001
Definitions 1023.002
Authority for Operation 1023.003
Essential Public Function 1023.004
District Territory 1023.005
District Support and Maintenance Not State Obligation 1023.006
Restriction on State Financial Assistance 1023.051
Board Election 1023.052
Notice of Election 1023.053
Qualifications for Office 1023.054
Board Vacancy 1023.055
Officers 1023.056
Compensation 1023.057
Voting Requirement 1023.058
District Administrator 1023.059
General Duties of District Administrator 1023.060
Assistant District Administrator 1023.061
Employees 1023.062
Personnel Contracts 1023.063
Retirement Benefits 1023.101
District Responsibility 1023.102
Restriction on County Taxation and Debt 1023.103
Management, Control, and Administration 1023.104
Rules 1023.105
Purchasing and Accounting Procedures 1023.106
District Property, Facilities, and Equipment 1023.107
Eminent Domain 1023.108
Cost of Relocating or Altering Property 1023.109
Gifts and Endowments 1023.110
Construction Contracts 1023.111
Operating and Management Contracts 1023.112
Contracts with Governmental Entities for Services 1023.113
Provision of Certain Health Services 1023.114
Payment for Treatment 1023.115
Reimbursement for Services 1023.116
Authority to Sue and Be Sued 1023.151
Budget 1023.152
Notice 1023.153
Amendments to Budget 1023.154
Restriction on Expenditures 1023.155
Fiscal Year 1023.156
Annual Audit 1023.157
Inspection of Annual Audit and District Records 1023.158
Financial Report 1023.159
Depository 1023.160
Spending and Investment Restrictions 1023.161
General Authority to Borrow Money 1023.162
Authority to Borrow Money in Emergency 1023.201
General Obligation Bonds 1023.202
Tax to Pay General Obligation Bonds 1023.203
General Obligation Bond Election 1023.204
Revenue Bonds 1023.205
Refunding Bonds 1023.206
Maturity of Bonds 1023.207
Execution of Bonds 1023.208
Bonds Exempt from Taxation 1023.251
Imposition of Ad Valorem Tax 1023.252
Tax Rate 1023.253
Tax Assessor-collector 1023.301
Dissolution 1023.302
Notice of Election 1023.303
Ballot 1023.304
Election Results 1023.305
Transfer or Administration of Assets 1023.306
Sale or Transfer of Assets and Liabilities 1023.307
Imposition of Tax and Return of Surplus Taxes 1023.308
Report 1023.401
Expansion of District Territory
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1023.162’s source at texas​.gov