Tex. Spec. Dist. Local Laws Code § 1057.153 · Subchapter D. GENERAL FINANCIAL PROVISIONS
AUTHORITY TO BORROW MONEY; SECURITY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The board may borrow money at a rate the board determines is reasonable.
(b) To secure a loan, the board may pledge:
(1) district revenue that is not pledged to pay the district's bonded indebtedness;
(2) tax revenue to be collected by the district in the next 12-month period that is not pledged to pay the principal of or interest on district bonds;
(3) district bonds that have been authorized but not sold; and
(4) any other unencumbered district assets.
(c) The board may use the proceeds of a loan made under this section only for the district's operational and capital requirements.
Notes and commentary — not statutory text
History
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.1057.htm
- Text hash
- sha256 96f09acc9ee9121c2aa4cc8ea4846b38a62def60c182e17e1959b463fff06e25
- 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.