(a) A public entity in this state, including a municipality, county, district, authority, agency, department, board, or commission, that is authorized by law to construct, maintain, or finance a qualified project may borrow money from the bank, including by direct loan, based on the credit of the public entity. (b) Money borrowed under this section must be segregated from other funds under the control of the public entity and may only be used for purposes related to a qualified project.(c) The authority granted by this section does not affect the ability of a public entity to incur debt using other statutorily authorized methods. Added by Acts 2001, 77th Leg., ch. 4, Sec. 1, eff. April 9, 2001.
Texas Legal Code