Sec. 1050.156. AUTHORITY TO BORROW MONEY; SECURITY

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(a) The board may borrow money at a rate of interest the board determines is appropriate.
(b) To secure a loan, the board may pledge:
(1) district revenue that is not pledged to pay the district's bonded indebtedness; or
(2) property acquired with the loan proceeds that is not pledged to pay the district's bonded indebtedness.
(c) A loan authorized by this section must mature not later than the fifth anniversary of the date the loan is made.

Added by Acts 2007, 80th Leg., R.S., Ch. 920 , Sec. 1.02, eff. April 1, 2009.

                    
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