Texas Special District Local Laws Code
§ 1035.202 — AUTHORITY TO BORROW MONEY; SECURITY
SD § 1035.202Title 3. HEALTH · Part A. HOSPITAL DISTRICTS · Ch. 1035. DEWITT MEDICAL DISTRICT · Art. E. GENERAL FINANCIAL PROVISIONS
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 of the loan.
(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 during the 12-month period following the date of the pledge 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 anniversary of the date the loan is made. A loan for which district revenue is pledged must mature not later than the 10th anniversary of the date the loan is made.
Legislative history
Added by Acts 2009, 81st Leg., R.S., Ch. 1139 (H.B. 2619), Sec. 1.01, eff. April 1, 2011.