Texas Special District Local Laws Code
§ 1021.162 — AUTHORITY TO BORROW MONEY IN EMERGENCY; SECURITY
SD § 1021.162Title 3. HEALTH · Part A. HOSPITAL DISTRICTS · Ch. 1021. DONLEY COUNTY HOSPITAL DISTRICT · Art. D. GENERAL FINANCIAL PROVISIONS
Statute text
View on source(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 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 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
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Legislative history
Added by Acts 2019, 86th Leg., R.S., Ch. 275 (S.B. 1950), Sec. 11, eff. May 28, 2019.