Tex. Special District Local Laws Code § 8513.0701
BORROWED MONEY AND GRANTS
Texas · Texas Special District Local Laws Code · Status: effective
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- Citation
- Tex. Special District Local Laws Code § 8513.0701, BORROWED MONEY AND GRANTS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/619151
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Full text
(a) The authority may:
(1) borrow money for the authority's corporate purposes;
(2) execute proper notes and other evidence of indebtedness;
(3) borrow money or accept a grant from the United States or this state and, in connection with the loan or grant, enter into any agreement the United States or the corporation or agency may require;
(4) make and issue bonds for money borrowed, in the manner and to the extent provided by Sections 8513.0702, 8513.0703, 8513.0704, 8513.0705, and 8513.0706; and
(5) participate in and be the beneficiary of any plan that may be evolved by this state or the United States for guaranteeing or otherwise subsidizing the authority's obligations.
(b) After an ad valorem tax is approved at an election held under Section 8513.0602, the board may borrow money payable from the tax and may evidence the loan by a note given in the authority's name.