Section 1021.161 - General Authority to Borrow Money; Security(a) Notwithstanding Section 1021.160, the board may borrow money at a rate not to exceed the maximum annual percentage rate allowed by law 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 § 1021.161
Added by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. 275,Sec. 11, eff. 5/28/2019.