Section 1002.252 - Authority to Borrow Money; Security(a) The board may borrow money for district obligations.(b) To secure a loan or line of credit, 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.Tex. Spec. Dist. Loc. Laws § 1002.252
Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 826,Sec. 5, eff. 6/14/2013.Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 1119,Sec. 5, eff. 6/14/2013. Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. 4/1/2005.