Tex. Spec. Dist. Local Laws Code Section 1074.161
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 authorized 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)

district taxes to be imposed by the district in 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)

Money obtained from a loan under this section may be spent only for:

(1)

a purpose for which the board declared an emergency; and

(2)

if district taxes or bonds are pledged to pay the loan, the purposes for which the pledged taxes were imposed or the bonds were authorized.
Added by Acts 2011, 82nd Leg., R.S., Ch. 70 (S.B. 1147), Sec. 1.01, eff. April 1, 2013.

Source: Section 1074.161 — Authority to Borrow Money; Security, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1074.­htm#1074.­161 (accessed Jun. 5, 2024).

1074.001
Definitions 1074.002
Authority for Operation 1074.003
Essential Public Function 1074.004
District Territory 1074.005
District Support and Maintenance Not State Obligation 1074.006
Restriction on State Financial Assistance 1074.051
Board Election 1074.052
Notice of Election 1074.053
Qualifications for Office 1074.054
Board Vacancy 1074.055
Officers 1074.056
Compensation 1074.057
Voting Requirement 1074.058
District Administrator 1074.059
General Duties of District Administrator 1074.060
Appointment of Staff and Employees 1074.101
District Responsibility 1074.102
Restriction on Political Subdivision Taxation and Debt 1074.103
Management, Control, and Administration 1074.104
Hospital System 1074.105
Rules 1074.106
Purchasing and Accounting Procedures 1074.107
District Property, Facilities, and Equipment 1074.108
Eminent Domain 1074.109
Gifts and Endowments 1074.110
Construction Contracts 1074.111
Operating and Management Contracts 1074.112
Contracts with Governmental Entities for Care and Treatment 1074.113
Contracts with Governmental Entities for Investigatory or Other Services 1074.114
Payment for Treatment 1074.115
Authority to Sue and Be Sued 1074.151
Budget 1074.152
Notice 1074.153
Amendments to Budget 1074.154
Restriction on Expenditures 1074.155
Fiscal Year 1074.156
Annual Audit 1074.157
Inspection of Annual Audit and District Records 1074.158
Financial Report 1074.159
Depository 1074.160
Investment Restrictions 1074.161
Authority to Borrow Money 1074.201
General Obligation Bonds 1074.202
Tax to Pay General Obligation Bonds 1074.203
Revenue Bonds 1074.204
Refunding Bonds 1074.205
Bond Election 1074.206
Maturity of Bonds 1074.207
Execution of Bonds 1074.208
Additional Means of Securing Payment of Bonds 1074.209
Use of Bond Proceeds 1074.210
Bonds Exempt from Taxation 1074.211
Security of Certain Bonds 1074.251
Imposition of Ad Valorem Tax 1074.252
Tax Rate
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1074.161’s source at texas​.gov