Tex. Spec. Dist. Local Laws Code § 1021.161 · Subchapter D. GENERAL FINANCIAL PROVISIONS
GENERAL AUTHORITY TO BORROW MONEY; SECURITY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Notwithstanding Section 1021.160, 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.
(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) district bonds that have 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.
Notes and commentary — not statutory text
History
Added by Acts 2019, 86th Leg., R.S., Ch. 275 (S.B. 1950), Sec. 11, eff. May 28, 2019.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.1021.htm
- Text hash
- sha256 044c31d16d1b7c34aa29c1b8d10e563b602a55436f1001af70ed35eb9700a438
- 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
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Special District Local Laws Code
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.