Tex. Spec. Dists. Code § 1050.156

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 1050.156 - Authority to Borrow Money; Security

(a) The board may borrow money at a rate of interest the board determines is appropriate.

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

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

(2) property acquired with the loan proceeds that is not pledged to pay the district's bonded indebtedness.

(c) A loan authorized by this section must mature not later than the fifth anniversary of the date the loan is made.

Tex. Spec. Dist. Loc. Laws § 1050.156

Added by Acts 2007, 80th Leg., R.S., Ch. 920, Sec. 1.02, eff. 4/1/2009.