Tex. Spec. Dist. Local Laws Code Section 1102.156
General 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)

a district tax to be imposed by the district during the 12-month period following the date of the pledge that is not pledged to pay the principal of or interest on district bonds; or

(3)

a district bond that has 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.
Added by Acts 2011, 82nd Leg., R.S., Ch. 70 (S.B. 1147), Sec. 1.01, eff. April 1, 2013.

Source: Section 1102.156 — General Authority to Borrow Money; Security, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1102.­htm#1102.­156 (accessed Jun. 5, 2024).

1102.001
Definitions 1102.002
Authority for Operation 1102.003
Political Subdivision 1102.004
District Territory 1102.005
Correction of Invalid Procedures 1102.051
Board Election 1102.052
Notice of Election 1102.053
Qualifications for Office 1102.054
Bond 1102.055
Board Vacancy 1102.056
Officers 1102.057
Compensation 1102.058
Voting Requirement 1102.059
Appointment and Recruitment of Staff and Employees 1102.060
Maintenance of Records 1102.061
Seal 1102.101
District Responsibility 1102.102
Restriction on County or Municipal Taxation 1102.103
Management and Control of District 1102.104
Hospital System 1102.105
Nursing Home Facilities 1102.106
Rules 1102.107
Purchasing and Accounting Procedures 1102.108
Eminent Domain 1102.109
Gifts and Endowments 1102.110
Payment for Treatment 1102.111
Nonprofit Corporation 1102.112
Authority to Sue and Be Sued 1102.151
Budget 1102.152
Proposed Budget 1102.153
Fiscal Year 1102.154
Annual Audit 1102.155
Depository or Treasurer 1102.156
General Authority to Borrow Money 1102.201
General Obligation Bonds 1102.202
Tax to Pay General Obligation Bonds 1102.203
General Obligation Bond Election 1102.204
Execution of General Obligation Bonds 1102.205
Revenue Bonds 1102.206
Additional Means of Securing Repayment of Bonds 1102.207
Use of Bond Proceeds 1102.251
Imposition of Ad Valorem Tax 1102.252
Tax Rate 1102.253
Tax Assessor-collector 1102.301
Dissolution 1102.302
Notice of Election 1102.303
Ballot 1102.304
Election Results 1102.305
Transfer or Administration of Assets 1102.306
Imposition of Tax and Return of Surplus Taxes 1102.307
Report
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Accessed:
Jun. 5, 2024

§ 1102.156’s source at texas​.gov