Texas § 1057.153 AUTHORITY TO BORROW MONEY; SECURITY.

Texas Statutes

§ 1057.153 — AUTHORITY TO BORROW MONEY; SECURITY.

Texas § 1057.153

Code SDSpecial District Local Laws Code

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Bluebook

Tex. Special District Local Laws Code Code Ann. § 1057.153 (2026).

Text

Sec. 1057.153. AUTHORITY TO BORROW MONEY; SECURITY.

(a)The board may borrow money at a rate the board determines is reasonable.

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

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

(2)tax revenue to be collected by the district in the next 12-month period that is not pledged to pay the principal of or interest on district bonds;

(3)district bonds that have been authorized but not sold; and

(4)any other unencumbered district assets.

(c)The board may use the proceeds of a loan made under this section only for the district's operational and capital requirements. SUBCHAPTER E. BONDS

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Sec. 1057.153. AUTHORITY TO BORROW MONEY; SECURITY. (a) The board may borrow money at a rate the board determines is reasonable.
(b) To secure a loan, the board may pledge:
(1) district revenue that is not pledged to pay the district's bonded indebtedness;
(2) tax revenue to be collected by the district in the next 12-month period that is not pledged to pay the principal of or interest on district bonds;
(3) district bonds that have been authorized but not sold; and
(4) any other unencumbered district assets.
(c) The board may use the proceeds of a loan made under this section only for the district's operational and capital requirements.
SUBCHAPTER E. BONDS