Tex. Spec. Dist. Local Laws Code Section 1084.159
Authority to Borrow Money in Emergency; Security

(a)

If money is not available to meet an authorized obligation of the district, the board shall adopt an order declaring an emergency. After the order is adopted, the board may borrow money on district notes at a rate not to exceed 12 percent a year to meet the obligation.

(b)

To secure the loan, the board may pledge:

(1)

district revenue that is not pledged to pay the district’s bonded indebtedness;

(2)

a district tax that is to be imposed not later than the first anniversary of the date of the loan and 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 spend money obtained from a loan under this section only to meet the obligation that made the loan necessary. The board may spend money obtained from any taxes or bonds used to secure the loan only for the purpose for which the taxes were imposed or the bonds were authorized.
Added by Acts 2009, 81st Leg., R.S., Ch. 1139 (H.B. 2619), Sec. 1.01, eff. April 1, 2011.

Source: Section 1084.159 — Authority to Borrow Money in Emergency; Security, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1084.­htm#1084.­159 (accessed Jun. 5, 2024).

1084.001
Definitions 1084.002
Authority for Operation 1084.003
Political Subdivision 1084.004
District Territory 1084.005
Correction of Invalid Procedures 1084.051
Board Election 1084.052
Notice of Election 1084.053
Qualifications for Office 1084.054
Grounds for Removal 1084.055
Bond 1084.056
Board Vacancy 1084.057
Director Rights and Responsibilities 1084.058
Officers 1084.059
Compensation 1084.060
Voting Requirement 1084.061
District Administrator 1084.062
General Duties of District Administrator 1084.063
Election of Chief of Staff 1084.064
Appointment and Recruitment of Staff and Employees 1084.065
Personnel Contracts 1084.066
Educational Programs 1084.067
Retirement Benefits 1084.068
Maintenance of Records 1084.101
District Responsibility 1084.102
Restriction on County or Municipality Taxation 1084.103
Management, Control, and Administration 1084.104
Rules 1084.105
District Property, Facilities, and Equipment 1084.106
Eminent Domain 1084.107
Gifts and Endowments 1084.108
Contracts with Governmental Entities for Care and Treatment 1084.109
Payment for Treatment 1084.110
Nonprofit Corporation 1084.111
Authority to Sue and Be Sued 1084.112
Inspections 1084.151
Budget 1084.152
Notice 1084.153
Amendments to Budget 1084.154
Fiscal Year 1084.155
Annual Audit 1084.156
Inspection of Annual Audit and District Records 1084.157
Depository or Treasurer 1084.158
General Authority to Borrow Money 1084.159
Authority to Borrow Money in Emergency 1084.201
General Obligation Bonds 1084.202
Tax to Pay General Obligation Bonds 1084.203
Election for General Obligation Bonds 1084.204
Revenue Bonds 1084.205
Execution of Bonds 1084.251
Imposition of Ad Valorem Tax 1084.252
Tax Rate 1084.253
Tax Assessor-collector 1084.301
Dissolution 1084.302
Notice of Election 1084.303
Ballot 1084.304
Election Results 1084.305
Transfer, Sale, or Administration of Assets 1084.306
Sale or Transfer of Assets and Liabilities 1084.307
Imposition of Tax and Return of Surplus Taxes 1084.308
Report
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Accessed:
Jun. 5, 2024

§ 1084.159’s source at texas​.gov