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Texas Special District Local Laws Code

§ 1023.162 — AUTHORITY TO BORROW MONEY IN EMERGENCY; SECURITY

SD § 1023.162Title 3. HEALTH · Part A. HOSPITAL DISTRICTS · Ch. 1023. EASTLAND MEMORIAL HOSPITAL DISTRICT · Art. D. GENERAL FINANCIAL PROVISIONS

Statute text

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(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 determines that:
(1)money is not available to meet lawful 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)tax revenue to be collected by the district in the next 12-month period that is not pledged to pay the principal of or interest on district bonds; or
…

Legislative history

Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.

Source: Texas Special District Local Laws Code § 1023.162 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.