Tex. Spec. Dist. Local Laws Code Section 1067.157
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)

district taxes to be imposed by the district during the 12-month period following the date of the pledge that are 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)

Repealed by Acts 2011, 82nd Leg., R.S., Ch. 91, Sec. 22.010, eff. September 1, 2011.
Added by Acts 2009, 81st Leg., R.S., Ch. 1139 (H.B. 2619), Sec. 1.01, eff. April 1, 2011.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 91 (S.B. 1303), Sec. 22.009(a), eff. September 1, 2011.
Acts 2011, 82nd Leg., R.S., Ch. 91 (S.B. 1303), Sec. 22.010, eff. September 1, 2011.

Source: Section 1067.157 — Authority to Borrow Money; Security, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1067.­htm#1067.­157 (accessed Jun. 5, 2024).

1067.002
Authority for Creation 1067.003
Essential Public Function 1067.004
District Territory 1067.005
District Support and Maintenance Not State Obligation 1067.006
Restriction on State Financial Assistance 1067.051
Board Election 1067.052
Notice of Election 1067.053
Qualifications for Office 1067.054
Board Vacancy 1067.055
Officers 1067.056
Compensation 1067.057
Chief Executive Officer 1067.058
General Duties of Chief Executive Officer 1067.059
Appointment and Recruitment of Staff and Employees 1067.060
Personnel Contracts 1067.061
Retirement Benefits 1067.101
District Responsibility 1067.102
Restriction on Political Subdivision Taxation and Debt 1067.103
Management, Control, and Administration 1067.104
Hospital or Hospital System 1067.105
Rules 1067.106
Purchasing and Accounting Procedures 1067.107
District Property, Facilities, and Equipment 1067.108
Eminent Domain 1067.109
Gifts and Endowments 1067.110
Contracts with Governmental Entities for Care and Treatment 1067.111
Payment for Treatment 1067.112
Authority to Sue and Be Sued 1067.151
Budget 1067.152
Notice 1067.153
Amendments to Budget 1067.154
Fiscal Year 1067.155
Annual Audit 1067.156
Depository 1067.157
Authority to Borrow Money 1067.201
General Obligation Bonds 1067.202
Tax to Pay General Obligation Bonds 1067.203
General Obligation Bond Election 1067.204
Maturity of General Obligation Bonds 1067.205
Execution of General Obligation Bonds 1067.206
Revenue Bonds 1067.207
Refunding Bonds 1067.208
Bonds Exempt from Taxation 1067.209
Additional Means of Securing Repayment of Bonds 1067.210
Use of Bond Proceeds 1067.251
Imposition of Ad Valorem Tax 1067.252
Tax Rate 1067.253
Tax Assessor-collector 1067.301
Dissolution 1067.302
Notice of Election 1067.303
Ballot 1067.304
Election Results 1067.305
Transfer or Administration of Assets 1067.306
Sale or Transfer of Assets and Liabilities 1067.307
Imposition of Tax and Return of Surplus Taxes 1067.308
Report
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1067.157’s source at texas​.gov