Texas Education Code - Section 45.104. Pledge Of Delinquent Taxes As Security For Loan
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§ 45.104. PLEDGE OF DELINQUENT TAXES AS SECURITY FOR
LOAN. (a) The board of trustees of any school district may pledge
its delinquent taxes levied for maintenance purposes for specific
past, current, and future school years as security for a loan, and
may evidence any such loan with negotiable notes, and the
delinquent taxes pledged shall be applied against the principal and
interest of the loan. Negotiable notes issued under this subsection
must mature not more than 20 years from their date.
(b) A school district may not pledge delinquent taxes levied
for school bonds as security for a loan.
(c) Funds secured through loans secured by delinquent taxes
may be employed for any legal maintenance expenditure or purpose of
the school district, including all costs incurred in connection
with:
(1) environmental cleanup and asbestos removal
programs implemented by school districts; or
(2) maintenance, repair, rehabilitation, or
replacement of heating, air conditioning, water, sanitation,
roofing, flooring, electric, or other building systems of existing
school properties.
(d) A loan secured by delinquent taxes may bear interest at
a rate not to exceed the maximum rate provided by Section 1204.006,
Government Code.
Added by Acts 1995, 74th Leg., ch. 260, § 1, eff. May 30, 1995.
Amended by Acts 1999, 76th Leg., ch. 396, § 1.34, eff. Sept. 1,
1999; Acts 2001, 77th Leg., ch. 1420, § 8.212, eff. Sept. 1,
2001.
Section: 45.084 45.085 45.086 45.087 45.101 45.102 45.103 45.104 45.105 45.106 45.107 45.108 45.109 45.110 45.111
Last modified: August 10, 2007
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