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Texas Special District Local Laws Code - SDLL § 1057.153. Authority to Borrow Money; Security

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The board may borrow money at a rate the board determines is reasonable.

(b) To secure a loan, the board may pledge:

(1) district revenue that is not pledged to pay the district's bonded indebtedness;

(2) tax revenue to be collected by the district in the next 12-month period that is not pledged to pay the principal of or interest on district bonds;

(3) district bonds that have been authorized but not sold; and

(4) any other unencumbered district assets.

(c) The board may use the proceeds of a loan made under this section only for the district's operational and capital requirements.

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 1057.153. Authority to Borrow Money; Security - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-1057-153/

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