1005.160 – AUTHORITY TO BORROW MONEY; SECURITY. (a) The
Texas Special District Local Laws Code § 1005.160
Summary
This law allows the board of a special district to borrow money in emergencies when funds are insufficient to meet obligations. The board can secure loans by pledging certain district revenues or future taxes that are not already committed to other debts.
Board can borrow money during financial emergencies.
Loans can be secured by unpledged district revenues.
Future taxes may be pledged for loan security.
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In simple terms: Learn about Texas's AUTHORITY TO BORROW MONEY; SECURITY. (a) The law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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