Tex. Spec. Dist. Local Laws Code § 1063.209 · Subchapter E. BONDS
TAX ANTICIPATION NOTES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The board may:
(1) declare an emergency because money is not available to:
(A) pay the principal of and interest on any district bonds payable wholly or partly from taxes; or
(B) meet any other needs of the district; and
(2) issue negotiable tax anticipation notes to borrow the money the district needs.
(b) Tax anticipation notes may be issued for any purpose for which the district may impose taxes.
(c) Tax anticipation notes may bear interest at any rate or rates authorized by law.
(d) Tax anticipation notes must mature not later than one year after the date of issuance.
(e) Tax anticipation notes must be secured by the proceeds of taxes to be imposed by the district in the succeeding 12-month period.
(f) The board may covenant with the note purchasers that the board will impose a sufficient tax in the following fiscal year to pay the principal of and interest on the notes and pay the costs of collecting the taxes.
Notes and commentary — not statutory text
History
Added by Acts 2009, 81st Leg., R.S., Ch. 1139 (H.B. 2619), Sec. 1.01, eff. April 1, 2011.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.1063.htm
- Text hash
- sha256 bfdf146de118529b160c9ff74c4cea186e63c1db027beda69ee330f7028b6439
- 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.