Texas § HS.264.032 - EMERGENCY BORROWING
Full text of Texas The Texas Constitution § HS.264.032 — EMERGENCY BORROWING, with citation guidance and answers to common questions.
§ HS.264.032. EMERGENCY BORROWING
EMERGENCY BORROWING. (a) If the board declares that funds are not available to meet lawfully authorized obligations of the authority and that an emergency exists, the board may borrow money at a rate of interest not to exceed the maximum annual percentage rate allowed by law for authority obligations at the time the loan is made. (b) To secure a loan, the board may pledge: (1) revenues of the authority that are not pledged to pay bonded indebtedness of the authority; (2) authority bonds that have been authorized but not sold; or (3) revenues of the authority if the pledge is subordinate to any pledge securing outstanding bonds of the authority. (c) A loan for which bonds are pledged must mature not later than the first anniversary of the date on which the loan is made. A loan for which authority revenues are pledged must mature not later than the fifth anniversary of the date on which the loan is made. (d) The board may not spend money obtained from a loan under this section for any purpose other than the purpose for which the board declared an emergency and, if bonds are pledged to pay the loan, for any purpose other than the purposes for which the pledged bonds were authorized. Added by Acts 1997, 75th Leg., ch. 1011, Sec. 1, eff. Sept. 1, 1997.
Frequently Asked Questions About Texas § HS.264.032
What does The Texas Constitution § HS.264.032 cover?
Section HS.264.032 ("EMERGENCY BORROWING") 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 § HS.264.032?
A common citation format is "The Texas Constitution § HS.264.032" (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 § HS.264.032 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.