Tex. Spec. Dist. Local Laws Code Section 1032.161
General 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.

(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 following the date of the pledge that is not pledged to pay the principal of or interest on district bonds; or

(3)

a district bond that has 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.
Added by Acts 2009, 81st Leg., R.S., Ch. 605 (H.B. 694), Sec. 4, eff. June 19, 2009.

Source: Section 1032.161 — General Authority to Borrow Money; Security, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1032.­htm#1032.­161 (accessed Jun. 5, 2024).

1032.001
Definitions 1032.002
Authority for Operation 1032.003
Essential Public Function 1032.004
District Territory 1032.005
District Support and Maintenance Not State Obligation 1032.006
Restriction on State Financial Assistance 1032.051
Board Election 1032.052
Notice of Election 1032.054
Qualifications for Office 1032.055
Board Vacancy 1032.056
Officers 1032.057
Compensation 1032.058
Voting Requirement 1032.059
District Administrator 1032.060
General Duties of District Administrator 1032.061
Employees 1032.101
District Responsibility 1032.102
Restriction on Political Subdivision Taxation and Debt 1032.103
Management, Control, and Administration 1032.104
Hospital System 1032.105
Rules 1032.106
Purchasing and Accounting Procedures 1032.107
District Property, Facilities, and Equipment 1032.108
Eminent Domain 1032.109
Gifts and Endowments 1032.110
Construction Contracts 1032.111
Operating and Management Contracts 1032.112
Contracts with Governmental Entities for Care and Treatment 1032.113
Contracts with Governmental Entities for Investigatory or Other Services 1032.114
Payment for Treatment 1032.115
Authority to Sue and Be Sued 1032.151
Budget 1032.152
Notice 1032.153
Amendments to Budget 1032.154
Restriction on Expenditures 1032.155
Fiscal Year 1032.156
Annual Audit 1032.157
Inspection of Annual Audit and District Records 1032.158
Financial Report 1032.159
Depository 1032.160
Spending and Investment Restrictions 1032.161
General Authority to Borrow Money 1032.201
General Obligation Bonds 1032.202
Tax to Pay General Obligation Bonds 1032.203
General Obligation Bond Election 1032.204
Maturity of General Obligation Bonds 1032.205
Execution of General Obligation Bonds 1032.206
Revenue Bonds 1032.207
Refunding Bonds 1032.208
Bonds Exempt from Taxation 1032.209
Additional Means of Securing Repayment of Bonds 1032.210
Use of Bond Proceeds 1032.251
Imposition of Ad Valorem Tax 1032.252
Tax Rate 1032.253
Assessment and Collection by County Tax Assessor-collector 1032.254
Assessment and Collection by District Tax Assessor-collector 1032.301
Dissolution 1032.302
Notice of Election 1032.303
Ballot 1032.304
Election Results 1032.305
Transfer of Administration of Assets 1032.306
Imposition of Tax and Return of Surplus Taxes 1032.307
Report
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Accessed:
Jun. 5, 2024

§ 1032.161’s source at texas​.gov