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Tex. Special District Local Laws Code § 1050.156

AUTHORITY TO BORROW MONEY; SECURITY

Texas · Texas Special District Local Laws Code · Status: effective

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Tex. Special District Local Laws Code § 1050.156, AUTHORITY TO BORROW MONEY; SECURITY, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/587698
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(a) The board may borrow money at a rate of interest the board determines is appropriate. (b) To secure a loan, the board may pledge: (1) district revenue that is not pledged to pay the district's bonded indebtedness; or (2) property acquired with the loan proceeds that is not pledged to pay the district's bonded indebtedness. (c) A loan authorized by this section must mature not later than the fifth anniversary of the date the loan is made.