Tex. Spec. Dist. Local Laws Code Section 1054.161
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 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 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.

Source: Section 1054.161 — Authority to Borrow Money; Security, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1054.­htm#1054.­161 (accessed Jun. 5, 2024).

1054.001
Definitions 1054.002
Authority for Operation 1054.003
Essential Public Function 1054.004
District Territory 1054.005
District Support and Maintenance Not State Obligation 1054.006
Restriction on State Financial Assistance 1054.051
Board Election 1054.052
Notice of Election 1054.053
Ballot Petition 1054.054
Qualifications for Office 1054.055
Bond 1054.056
Board Vacancy 1054.057
Officers 1054.058
Expenses 1054.059
Voting Requirement 1054.060
District Administrator 1054.061
General Duties of District Administrator 1054.062
Employees 1054.063
Recruitment of Medical Staff 1054.064
Continuing Education 1054.065
Retirement Benefits 1054.101
District Responsibility 1054.102
Restriction on Political Subdivision Taxation and Debt 1054.103
Management, Control, and Administration 1054.104
Hospital System 1054.105
Rules 1054.106
Purchasing and Accounting Procedures 1054.107
District Property, Facilities, and Equipment 1054.108
Eminent Domain 1054.109
Gifts and Endowments 1054.110
Construction Contracts 1054.111
Operating and Management Contracts 1054.112
Contracts with Governmental Entities for Services 1054.113
Provision of Certain Health Services 1054.114
Payment for Treatment 1054.115
Reimbursement for Service 1054.116
Authority to Sue and Be Sued 1054.151
Budget 1054.152
Notice 1054.153
Amendments to Budget 1054.154
Restriction on Expenditures 1054.155
Fiscal Year 1054.156
Audit 1054.157
Inspection of Audit and District Records 1054.158
Financial Report 1054.159
Depository 1054.160
Spending and Investment Restrictions 1054.161
Authority to Borrow Money 1054.201
General Obligation Bonds 1054.202
Tax to Pay General Obligation Bonds 1054.203
Revenue Bonds 1054.204
Refunding Bonds 1054.205
Maturity of Bonds 1054.206
Execution of Bonds 1054.207
Bonds Exempt from Taxation 1054.251
Imposition of Ad Valorem Tax 1054.252
Tax Rate 1054.253
Tax Assessor-collector 1054.0565
Removal of Director 1054.2025
General Obligation Bond Election
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1054.161’s source at texas​.gov