Tex. Spec. Dist. Local Laws Code § 1067.157 · 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 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) district taxes to be imposed by the district during the 12-month period following the date of the pledge that are 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.
(d) Repealed by Acts 2011, 82nd Leg., R.S., Ch. 91, Sec. 22.010, eff. September 1, 2011.
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.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 91 (S.B. 1303), Sec. 22.009(a), eff. September 1, 2011.
Acts 2011, 82nd Leg., R.S., Ch. 91 (S.B. 1303), Sec. 22.010, 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/SD/htm/SD.1067.htm
- Text hash
- sha256 c78178d1faa17af767a49ed618d1a1fc9e531e49f96ec0966bb2b9c92093b523
- 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.