Texas § 1002.252 AUTHORITY TO BORROW MONEY; SECURITY.

Texas Statutes

§ 1002.252 — AUTHORITY TO BORROW MONEY; SECURITY.

Texas § 1002.252

Code SDSpecial District Local Laws Code

This text of Texas § 1002.252 (AUTHORITY TO BORROW MONEY; SECURITY.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Special District Local Laws Code Code Ann. § 1002.252 (2026).

Text

Sec. 1002.252. AUTHORITY TO BORROW MONEY; SECURITY.

(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. SUBCHAPTER G. BONDS

Free access — add to your briefcase to read the full text and ask questions with AI

Sec. 1002.252. AUTHORITY TO BORROW MONEY; SECURITY. (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.
SUBCHAPTER G. BONDS

Legislative History

Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005. Amended by: Acts 2013, 83rd Leg., R.S., Ch. 826 (S.B. 1861 ), Sec. 5, eff. June 14, 2013. Acts 2013, 83rd Leg., R.S., Ch. 1119 (H.B. 3905 ), Sec. 5, eff. June 14, 2013.