(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 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.
Texas Legal Code