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Texas Special District Local Laws Code

§ 1059.161 — AUTHORITY TO BORROW MONEY

SD § 1059.161Title 3. HEALTH · Part A. HOSPITAL DISTRICTS · Ch. 1059. MCCULLOCH COUNTY HOSPITAL DISTRICT · Art. D. GENERAL FINANCIAL PROVISIONS

Statute text

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(a)The district may borrow money for district operating expenses in an amount not to exceed the amount of tax revenue the district expects to receive during the 12-month period following the date the money is borrowed.
(b)The district may pledge all or any part of that tax revenue to repay the amount borrowed.

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 § 1059.161 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.