Texas § 1021.161 GENERAL AUTHORITY TO BORROW MONEY; SECURITY.

Texas Statutes

§ 1021.161 — GENERAL AUTHORITY TO BORROW MONEY; SECURITY.

Texas § 1021.161

Code SDSpecial District Local Laws Code

This text of Texas § 1021.161 (GENERAL 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. § 1021.161 (2026).

Text

Sec. 1021.161. GENERAL AUTHORITY TO BORROW MONEY; SECURITY.

(a)Notwithstanding Section 1021.160 , 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 the loan is made.

(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 in the next 12-month period 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 first anniversary of the date the loan is made. A loan for which district revenue is pledged must mature not later than the

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

Sec. 1021.161. GENERAL AUTHORITY TO BORROW MONEY; SECURITY. (a) Notwithstanding Section 1021.160 , 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 the loan is made.
(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 in the next 12-month period 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 first anniversary of the date the loan is made. A loan for which district revenue is pledged must mature not later than the fifth anniversary of the date the loan is made.