Texas § SD.1043.156 - AUTHORITY TO BORROW MONEY
Full text of Texas The Texas Constitution § SD.1043.156 — AUTHORITY TO BORROW MONEY, with citation guidance and answers to common questions.
§ SD.1043.156. AUTHORITY TO BORROW MONEY
AUTHORITY TO BORROW MONEY; SECURITY. (a) If the board declares that money is not available to meet authorized district obligations, the board may: (1) by majority vote borrow money to satisfy the obligations in an amount not to exceed, at any one time in the aggregate, 10 percent of the annual district operational expenses for the prior fiscal year; and (2) by unanimous vote borrow additional money if the obligations exceed the amount described by Subdivision (1). (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) a district tax to be imposed by the district in the next 12-month period that is not pledged to pay the principal of or interest on district bonds. (c) A loan for which taxes are pledged must mature and be paid not later than the first anniversary of the date the loan is made. (d) The board may not spend money obtained from a loan under this section for any purpose other than: (1) the purpose for which the board declared an emergency; and (2) if district taxes are pledged to pay the loan, the purposes for which the pledged taxes were imposed. Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166 ), Sec. 1.02, eff. April 1, 2009. SUBCHAPTER E. BONDS
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § SD.1043.156
What does The Texas Constitution § SD.1043.156 cover?
Section SD.1043.156 ("AUTHORITY TO BORROW MONEY") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § SD.1043.156?
A common citation format is "The Texas Constitution § SD.1043.156" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § SD.1043.156 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.