Tex. Health & Safety Code § 264.032 · Subchapter C. POWERS AND DUTIES
EMERGENCY BORROWING.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) If the board declares that funds are not available to meet lawfully authorized obligations of the authority and that an emergency exists, the board may borrow money at a rate of interest not to exceed the maximum annual percentage rate allowed by law for authority obligations at the time the loan is made.
(b) To secure a loan, the board may pledge:
(1) revenues of the authority that are not pledged to pay bonded indebtedness of the authority;
(2) authority bonds that have been authorized but not sold; or
(3) revenues of the authority if the pledge is subordinate to any pledge securing outstanding bonds of the authority.
(c) A loan for which bonds are pledged must mature not later than the first anniversary of the date on which the loan is made. A loan for which authority revenues are pledged must mature not later than the fifth anniversary of the date on which the loan is made.
(d) The board may not spend money obtained from a loan under this section for any purpose other than the purpose for which the board declared an emergency and, if bonds are pledged to pay the loan, for any purpose other than the purposes for which the pledged bonds were authorized.
Notes and commentary — not statutory text
History
Added by Acts 1997, 75th Leg., ch. 1011, Sec. 1, eff. Sept. 1, 1997.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/HS/htm/HS.264.htm
- Text hash
- sha256 09d817ca1f6ee3019ad0a7083f661902b1361815bf693e2f65bae7a63d270f80
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.