Tex. Spec. Dist. Local Laws Code Section 1048.161
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. 691 (H.B. 2708), Sec. 1, eff. June 19, 2009.

Source: Section 1048.161 — General Authority to Borrow Money; Security, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1048.­htm#1048.­161 (accessed Jun. 5, 2024).

1048.001
Definitions 1048.002
Authority for Creation 1048.003
Essential Public Function 1048.004
District Territory 1048.005
Correction of Invalid Procedures 1048.006
District Support and Maintenance Not State Obligation 1048.007
Restriction on State Financial Assistance 1048.051
Board Election 1048.052
Notice of Election 1048.053
Qualifications for Office 1048.054
Bond 1048.055
Board Vacancy 1048.056
Officers 1048.057
Compensation 1048.058
Voting Requirement 1048.059
District Administrator 1048.060
General Duties of District Administrator 1048.061
Employees 1048.062
Seniority 1048.101
District Responsibility 1048.102
Restriction on Political Subdivision Taxation and Debt 1048.103
Management, Control, and Administration 1048.104
Hospital System 1048.105
Rules 1048.106
Purchasing and Accounting Procedures 1048.107
District Property, Facilities, and Equipment 1048.108
Eminent Domain 1048.109
Gifts and Endowments 1048.110
Construction and Purchase Contracts 1048.111
Operating and Management Contracts 1048.112
Contracts with Governmental Entities for Hospital Treatment 1048.113
Contracts with Governmental Entities for Investigatory or Other Services 1048.114
Care and Treatment for Indigent 1048.115
Nonprofit Corporation 1048.116
Authority to Sue and Be Sued 1048.151
Budget 1048.152
Notice 1048.153
Amendments to Budget 1048.154
Restriction on Expenditures 1048.155
Fiscal Year 1048.156
Annual Audit 1048.157
Inspection of Audit and District Records 1048.158
Financial Report 1048.159
Depository 1048.160
Spending and Investment Restrictions 1048.161
General Authority to Borrow Money 1048.201
General Obligation Bonds 1048.202
Tax to Pay General Obligation Bonds 1048.203
Bond Election 1048.204
Revenue Bonds 1048.205
Refunding Bonds 1048.206
Additional Means of Securing Repayment of Bonds 1048.207
Maturity of Bonds 1048.208
Execution of Bonds 1048.209
Use of Bond Proceeds 1048.210
Bonds Exempt from Taxation 1048.251
Imposition of Ad Valorem Tax 1048.252
Tax Rate 1048.253
Tax Assessor-collector 1048.301
Dissolution 1048.302
Notice of Election 1048.303
Ballot 1048.304
Election Results 1048.305
Transfer or Administration of Assets 1048.306
Imposition of Tax and Return of Surplus Taxes 1048.307
Report
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1048.161’s source at texas​.gov