Texas § 1114.205 PROMISSORY NOTES.

Texas Statutes

§ 1114.205 — PROMISSORY NOTES.

Texas § 1114.205

Code SDSpecial District Local Laws Code

This text of Texas § 1114.205 (PROMISSORY NOTES.) 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. § 1114.205 (2026).

Text

Sec. 1114.205. PROMISSORY NOTES.

(a)The board may execute and deliver promissory notes to purchase, construct, acquire, repair, equip, or renovate buildings and improvements for hospital purposes.

(b)The notes may be secured by:

(1)a mortgage or deed of trust lien on all or part of the district property; or

(2)a pledge of revenues derived from the operation of the district's hospital.

(c)The notes may be paid from:

(1)taxes imposed by the district, not to exceed the tax rate approved by the voters; and

(2)the revenues derived from the operation of the district's hospital.

(d)The total amount of revenues pledged under Subsection (b)(2) may not exceed 50 percent of the estimated revenues for the period the pledge is effective.

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Sec. 1114.205. PROMISSORY NOTES. (a) The board may execute and deliver promissory notes to purchase, construct, acquire, repair, equip, or renovate buildings and improvements for hospital purposes.
(b) The notes may be secured by:
(1) a mortgage or deed of trust lien on all or part of the district property; or
(2) a pledge of revenues derived from the operation of the district's hospital.
(c) The notes may be paid from:
(1) taxes imposed by the district, not to exceed the tax rate approved by the voters; and
(2) the revenues derived from the operation of the district's hospital.
(d) The total amount of revenues pledged under Subsection (b)(2) may not exceed 50 percent of the estimated revenues for the period the pledge is effective.