Section 1008.211 - Authority to Borrow Money; Security(a) The board may borrow money for district obligations at the time the loan is made.(b) To secure a loan, the board may pledge:(1) district revenue that is not pledged to pay the district's bonded indebtedness;(2) a district tax to be imposed by the district in the next 12-month period that is 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 the loan is made. A loan for which district revenue is pledged must mature not later than the fifth anniversary of the date the loan is made.Tex. Spec. Dist. Loc. Laws § 1008.211
Added by Acts 2005, 79th Leg., Ch. 729, Sec. 1.01, eff. 4/1/2007.