Sec. 775.085. LOAN FOR REAL PROPERTY OR EMERGENCY SERVICES EQUIPMENT. (a) The board, on the behalf of the district, may borrow money and make other financial arrangements to purchase real property or emergency services equipment or construct emergency services facilities in the amount and subject to a rate of interest or other conditions the board considers advisable.
(b) To secure a loan under this section, the board may pledge:
(1) tax revenues or funds on hand that are not otherwise pledged to pay a debt of the district; or
(2) the real property acquired or improved or equipment acquired with the borrowed money.
(c) If tax revenues are pledged to pay a loan, the loan must mature not later than the:
(1) 10th anniversary of the date the loan is made, if the loan is for equipment; or
(2) 20th anniversary of the date the loan is made, if the loan is for real property.
(d) Section 775.077 does not apply to a loan secured under this section, including a loan made before the effective date of this subsection.
Added by Acts 1999, 76th Leg., ch. 496, Sec. 13, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 1140, Sec. 8, eff. Sept. 1, 2001; Acts 2003, 78th Leg., ch. 235, Sec. 11, eff. Sept. 1, 2003; Acts 2003, 78th Leg., ch. 930, Sec. 9, eff. Sept. 1, 2003.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 639 (S.B. 917), Sec. 13, eff. June 17, 2011.
Last modified: September 28, 2016