81st Texas Legislature, Regular Session, House Bill 4745, Chapter 1074 Page: 3 of 9
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H.B. No. 4745
1 or independent contractor for the district.
2 SECTION 5. Subchapter D, Chapter 1052, Special District
3 Local Laws Code, as effective April 1, 2009, is amended by adding
4 Section 1052.160 to read as follows:
5 Sec. 1052.160. GENERAL AUTHORITY TO BORROW MONEY; SECURITY.
6 (a) The board may borrow money at a rate not to exceed the maximum
7 annual percentage rate allowed by law for district obligations at
8 the time the loan is made.
9 (b) To secure a loan, the board may pledge:
10 (1) district revenue that is not pledged to pay the
11 district's bonded indebtedness;
12 (2) a district tax to be imposed by the district in the
13 next 12-month period following the date of the pledge that is not
14 pledged to pay the principal of or interest on district bonds; or
15 (3) a district bond that has been authorized but not
16 sold.
17 (c) A loan for which taxes or bonds are pledged must mature
18 not later than the first anniversary of the date the loan is made. A
19 loan for which district revenue is pledged must mature not later
20 than the fifth anniversary of the date the loan is made.
21 SECTION 6. Subchapter E, Chapter 1052, Special District
22 Local Laws Code, as effective April 1, 2009, is amended by adding
23 Sections 1052.209 and 1052.210 to read as follows:
24 Sec. 1052.209. ADDITIONAL MEANS OF SECURING REPAYMENT OF
25 BONDS. In addition to the authority to issue general obligation
26 bonds and revenue bonds under this subchapter, the board may
27 provide for the security and payment of district bonds from a pledge
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Texas. Legislature. House of Representatives. 81st Texas Legislature, Regular Session, House Bill 4745, Chapter 1074, legislative document, June 19, 2009; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth148913/m1/3/: accessed May 7, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.