Tex. Spec. Dist. Local Laws Code Section 1105.156
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 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)

a district tax to be imposed 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)

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.

(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 taxes or bonds are pledged to pay the loan, the purposes for which the 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 1105.156 — Authority to Borrow Money; Security, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1105.­htm#1105.­156 (accessed Jun. 5, 2024).

1105.001
Definitions 1105.002
Authority for Creation 1105.003
Essential Public Function 1105.004
District Territory 1105.005
District Support and Maintenance Not State Obligation 1105.006
Restriction on State Financial Assistance 1105.051
Board Election 1105.052
Notice of Election 1105.053
Ballot Application 1105.054
Qualifications for Office 1105.055
Filing of Oath 1105.056
Board Vacancy 1105.057
Officers 1105.058
Compensation 1105.059
Voting Requirement 1105.060
District Administrator 1105.061
General Duties of District Administrator 1105.062
Employees 1105.063
Recruitment of Medical Staff 1105.064
Continuing Education 1105.065
Retirement Program 1105.066
Maintenance of Records 1105.101
District Responsibility 1105.102
Restriction on County or Municipal Taxation and Debt 1105.103
Management, Control, and Administration 1105.104
Hospital System 1105.105
Rules 1105.106
Purchasing and Accounting Procedures 1105.107
Rates and Charges 1105.108
Eminent Domain 1105.109
Gifts and Endowments 1105.110
Contracts with Governmental Entities for Care and Treatment 1105.111
Disposition of Real Property 1105.112
Provision of Certain Health Care Services 1105.113
Payment for Treatment 1105.114
Authority to Sue and Be Sued 1105.151
Budget 1105.152
Fiscal Year 1105.153
Audit 1105.154
Financial Report 1105.155
Depository 1105.156
Authority to Borrow Money 1105.201
General Obligation Bonds 1105.202
Tax to Pay General Obligation Bonds 1105.203
General Obligation Bond Election 1105.204
Execution of General Obligation Bonds 1105.205
Refunding Bonds 1105.206
Bonds Exempt from Taxation 1105.251
Imposition of Ad Valorem Tax 1105.252
Tax Rate 1105.253
Tax Assessor-collector 1105.0515
Election of Directors by Cumulative Voting
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1105.156’s source at texas​.gov