Tex. Health & Safety Code § 315.002 · Chapter 315. AUTHORITY TO BORROW MONEY FOR PUBLIC HOSPITALS
AUTHORITY TO BORROW MONEY FOR PUBLIC HOSPITAL; SECURITY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A local governmental entity may borrow money for purposes of a hospital owned or operated by the entity at a rate not to exceed the maximum annual percentage rate allowed by the law at the time the loan is made for similar obligations of the entity.
(b) To secure a loan under this section, a local governmental entity may pledge:
(1) revenue from the hospital owned or operated by the entity that is not pledged to pay the entity's bonded indebtedness; or
(2) tax revenue to be collected by the local governmental entity during the 12-month period following the date of the pledge that is not pledged to pay the principal of or interest on bonds.
(c) A loan authorized by this section must mature:
(1) not later than the first anniversary of the date the loan is made, if taxes are pledged to repay the loan; and
(2) not later than the fifth anniversary of the date the loan is made, if hospital revenue is pledged to repay the loan.
Notes and commentary — not statutory text
History
Added by Acts 2011, 82nd Leg., R.S., Ch. 611 (S.B. 494), Sec. 1, eff. September 1, 2011.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/HS/htm/HS.315.htm
- Text hash
- sha256 b2aba95b9af068600d34220dd365f2a1223d054bf73342d8c538d457c8e21a32
- 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
Cited by 1 provision
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