Texas § SD.1109.159 - AUTHORITY TO BORROW MONEY
Full text of Texas The Texas Constitution § SD.1109.159 — AUTHORITY TO BORROW MONEY, with citation guidance and answers to common questions.
§ SD.1109.159. AUTHORITY TO BORROW MONEY
AUTHORITY TO BORROW MONEY; SECURITY. (a) The board may borrow money at a rate not to exceed the maximum annual percentage rate allowed by law for district obligations at the time the loan is made if the board declares that: (1) money is not available to meet authorized obligations of the district; and (2) an emergency exists. (b) To secure a loan, the board may pledge: (1) district revenue that is not pledged to pay the district's bonded indebtedness; (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; or (3) a district bond that has been authorized but not sold. (c) A loan for which taxes or bonds are pledged must mature not later than the first anniversary of the date the loan is made. A loan for which district revenue is pledged must mature not later than the fifth 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 or bonds are pledged to pay the loan, the purposes for which the taxes were imposed or the bonds were authorized. Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026 ), Sec. 1.01, eff. April 1, 2015. SUBCHAPTER E. BONDS
Frequently Asked Questions About Texas § SD.1109.159
What does The Texas Constitution § SD.1109.159 cover?
Section SD.1109.159 ("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.1109.159?
A common citation format is "The Texas Constitution § SD.1109.159" (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.1109.159 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.