Sec. 262.0225. AUTHORITY TO BORROW MONEY

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(a) This section applies only to an authority created by a municipality with a population of less than 25,000.
(b) The board may, on behalf of the authority, borrow money from a federally insured lending institution for any of the authority's purposes.
(c) The board may borrow money in the amount it considers advisable subject to a rate of interest and other terms and conditions it considers advisable.
(d) A loan for which bonds are pledged shall mature not later than the first anniversary of the date on which the loan is made.

Added by Acts 1995, 74th Leg., ch. 740, Sec. 1, eff. Aug. 28, 1995. Amended by Acts 2003, 78th Leg., ch. 702, Sec. 1, eff. June 20, 2003.

                    
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