Texas § 1027.160 AUTHORITY TO BORROW MONEY IN EMERGENCY; SECURITY.

Texas Statutes

§ 1027.160 — AUTHORITY TO BORROW MONEY IN EMERGENCY; SECURITY.

Texas § 1027.160

Code SDSpecial District Local Laws Code

This text of Texas § 1027.160 (AUTHORITY TO BORROW MONEY IN EMERGENCY; 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.

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Tex. Special District Local Laws Code Code Ann. § 1027.160 (2026).

Text

Sec. 1027.160. AUTHORITY TO BORROW MONEY IN EMERGENCY; SECURITY.

(a)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 if the board declares that:

(1)money is not available to meet authorized obligations of the district; and

(2)an emergency exists.

(b)To secure a loan, the board may pledge:

(1)district revenue that is not pledged to pay the district's bonded indebtedness;

(2)district taxes to be imposed by the district during the 12-month period following the date of the pledge 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. SUBCHAPTER E. BONDS

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Sec. 1027.160. AUTHORITY TO BORROW MONEY IN EMERGENCY; SECURITY. (a) 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 if the board declares that:
(1) money is not available to meet authorized obligations of the district; and
(2) an emergency exists.
(b) To secure a loan, the board may pledge:
(1) district revenue that is not pledged to pay the district's bonded indebtedness;
(2) district taxes to be imposed by the district during the 12-month period following the date of the pledge 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.
SUBCHAPTER E. BONDS