Tex. Spec. Dist. Local Laws Code § 1075.156 · 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 from a federally insured lending institution or make other financial arrangements for district operating expenses or other authorized obligations.
(b) The board may borrow money in an amount and subject to a rate of interest and other terms the board finds appropriate.
(c) To secure a loan, the board may pledge:
(1) district revenue that is not pledged to pay the district's bonded indebtedness; or
(2) property acquired with borrowed money that is not pledged to pay the district's bonded indebtedness.
(d) A loan for which district revenue is pledged must mature not later than the fifth anniversary of the date the loan is made.
(e) The district must provide for the payment of all district debts and obligations before dissolution.
Notes and commentary — not statutory text
History
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.01, eff. April 1, 2015.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.1075.htm
- Text hash
- sha256 9bb53f6d5a5f6ced55eb2dae6e1895258c389453347858f30b6dc599253a11fb
- 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.