Tex. Special District Local Laws Code § 1002.252
This is the official text of Tex. Special District Local Laws Code § 1002.252, part of Texas’s Special District Local Laws Code — consolidates the individual laws creating Texas's special-purpose local government districts.
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§ 1002.252. AUTHORITY TO BORROW MONEY; SECURITY.
Official statutory text
(a) The board may borrow money for district obligations.
(b) To secure a loan or line of credit, the board may pledge:
(1) revenue of the district that is not pledged to pay the district's bonded indebtedness;
(2) taxes to be imposed by the district in the next 12-month period that are 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 first anniversary of the date on which the loan is made. A loan for which district revenues are pledged must mature not later than the fifth anniversary of the date on which the loan is made.
(b) To secure a loan or line of credit, the board may pledge:
(1) revenue of the district that is not pledged to pay the district's bonded indebtedness;
(2) taxes to be imposed by the district in the next 12-month period that are 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 first anniversary of the date on which the loan is made. A loan for which district revenues are pledged must mature not later than the fifth anniversary of the date on which the loan is made.
Status: in_force · Read it on the official government site
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