Texas Special District Local Laws Code - Section 1002.252. Authority To Borrow Money; Security
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§ 1002.252. AUTHORITY TO BORROW MONEY; SECURITY. (a)
The board may borrow money for district obligations.
(b) To secure a loan, the board may pledge:
(1) revenue of the district that is not pledged to pay
the district's bonded indebtedness;
(2) taxes to be imposed by the district in the next
12-month period 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 on which the loan
is made. A loan for which district revenues are pledged must mature
not later than the fifth anniversary of the date on which the loan
is made.
Acts 2003, 78th Leg., ch. 1277, § 1, eff. April 1, 2005.
Section: 1002.203 1002.204 1002.205 1002.206 1002.207 1002.208 1002.251 1002.252 1002.301 1002.302 1002.303 1002.304 1002.305 1002.306 1002.351
Last modified: August 10, 2007
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