Texas Special District Local Laws Code
§ 1006.156 — BORROWING MONEY IN EMERGENCY; SECURITY
SD § 1006.156Title 3. HEALTH · Part A. HOSPITAL DISTRICTS · Ch. 1006. CAPROCK HOSPITAL DISTRICT · Art. D. FINANCIAL ADMINISTRATION OF DISTRICT
Statute text
View on source(a)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 if the board declares that:
(1)money is not available to meet authorized obligations of the district; and
(2)an emergency exists.
(b)To secure a loan, the board may pledge:
(1)district revenues that are not pledged to pay bonded indebtedness of the district;
(2)district 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
…
Legislative history
Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.01, eff. April 1, 2007.