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Texas Statutes (Last Updated: January 4, 2014) |
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SPECIAL DISTRICT LOCAL LAWS CODE |
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Title 3. HEALTH |
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Subtitle A. HOSPITAL DISTRICTS |
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Chapter 1062. MITCHELL COUNTY HOSPITAL DISTRICT |
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Subchapter D. GENERAL FINANCIAL PROVISIONS |
Sec. 1062.161. GENERAL AUTHORITY TO BORROW MONEY; SECURITY
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(a) The board may borrow money at a rate not to exceed the maximum annual percentage rate allowed by law for district obligations at the time the loan is made.
(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; or
(3) district bonds that have been authorized but not sold.
(c) A loan for which tax revenue or bonds are pledged must mature not later than the first anniversary of the date the loan is made. A loan for which other district revenue is pledged must mature not later than the fifth anniversary of the date the loan is made.