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Texas Special District Local Laws Code

§ 1050.156 — AUTHORITY TO BORROW MONEY; SECURITY

SD § 1050.156Title 3. HEALTH · Part A. HOSPITAL DISTRICTS · Ch. 1050. KNOX COUNTY HOSPITAL DISTRICT · Art. D. GENERAL FINANCIAL PROVISIONS

Statute text

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(a)The board may borrow money at a rate of interest the board determines is appropriate.
(b)To secure a loan, the board may pledge:
(1)district revenue that is not pledged to pay the district's bonded indebtedness; or
(2)property acquired with the loan proceeds that is not pledged to pay the district's bonded indebtedness.
(c)A loan authorized by this section must mature not later than the fifth anniversary of the date the loan is made.

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 § 1050.156 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.