Sec. 262.0225. AUTHORITY TO BORROW MONEY. (a) This section applies only to an authority created by a municipality with a population of less than 25,000.
(b) The board may, on behalf of the authority, borrow money from a federally insured lending institution for any of the authority's purposes.
(c) The board may borrow money in the amount it considers advisable subject to a rate of interest and other terms and conditions it considers advisable.
(d) A loan for which bonds are pledged shall mature not later than the first anniversary of the date on which the loan is made.
Added by Acts 1995, 74th Leg., ch. 740, Sec. 1, eff. Aug. 28, 1995. Amended by Acts 2003, 78th Leg., ch. 702, Sec. 1, eff. June 20, 2003.
Section: Previous 262.011 262.012 262.013 262.014 262.015 262.021 262.022 262.0225 262.023 262.024 262.025 262.026 262.027 262.028 262.029 NextLast modified: September 28, 2016