Tex. Spec. Dist. Local Laws Code Section 1062.162
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 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)

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 1062.162 — Authority to Borrow Money in Emergency; Security, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1062.­htm#1062.­162 (accessed Jun. 5, 2024).

1062.001
Definitions 1062.002
Authority for Operation 1062.003
District Territory 1062.004
District Support and Maintenance Not State Obligation 1062.005
Restriction on State Financial Assistance 1062.051
Board Election 1062.052
Notice of Election 1062.053
Qualifications for Office 1062.054
Board Vacancy 1062.055
Officers 1062.056
Compensation 1062.057
Voting Requirement 1062.058
District Administrator 1062.059
General Duties of District Administrator 1062.060
Appointment and Recruitment of Staff and Employees 1062.061
Personnel Contracts 1062.062
Educational Programs 1062.063
Retirement Benefits 1062.101
District Responsibility 1062.102
Restriction on Political Subdivision Taxation and Debt 1062.103
Management, Control, and Administration 1062.104
Hospital System 1062.105
Rules 1062.106
Purchasing and Accounting Procedures 1062.107
District Property, Facilities, and Equipment 1062.108
Eminent Domain 1062.109
Gifts and Endowments 1062.110
Construction Contracts 1062.111
Contracts with Governmental Entities for Care and Treatment 1062.112
Payment for Treatment 1062.113
Nonprofit Corporation 1062.114
Authority to Sue and Be Sued 1062.151
Budget 1062.152
Notice 1062.153
Amendments to Budget 1062.154
Restriction on Expenditures 1062.155
Fiscal Year 1062.156
Annual Audit 1062.157
Inspection of Annual Audit and District Records 1062.158
Financial Report 1062.159
Depository 1062.161
General Authority to Borrow Money 1062.162
Authority to Borrow Money in Emergency 1062.201
General Obligation Bonds 1062.202
Tax to Pay General Obligation Bonds 1062.203
General Obligation Bond Election 1062.204
Revenue Bonds 1062.205
Maturity of Bonds 1062.206
Execution of Bonds 1062.251
Imposition of Ad Valorem Tax 1062.252
Tax Rate 1062.253
Tax Assessor-collector 1062.301
Dissolution 1062.302
Notice of Election 1062.303
Ballot 1062.304
Election Results 1062.305
Transfer, Sale, or Administration of Assets 1062.306
Sale or Transfer of Assets and Liabilities 1062.307
Imposition of Tax and Return of Surplus Taxes 1062.308
Report
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Accessed:
Jun. 5, 2024

§ 1062.162’s source at texas​.gov