Texas § TN.201.115 - BORROWING MONEY
Full text of Texas The Texas Constitution § TN.201.115 — BORROWING MONEY, with citation guidance and answers to common questions.
§ TN.201.115. BORROWING MONEY
BORROWING MONEY. (a) The commission may authorize the department to borrow money from any source to carry out the functions of the department. (b) A loan under this section may be in the form of an agreement, note, contract, or other form as determined by the commission and may contain any provisions the commission considers appropriate, except: (1) the term of the loan may not exceed two years; (2) the amount of the loan, combined with any amounts outstanding on other loans under this section, may not exceed an amount that is two times the average monthly revenue deposited to the state highway fund for the 12 months preceding the month of the loan; and (3) the loan may not create general obligation of the state and is payable only as authorized by legislative appropriation. (c) If the department borrows money by the issuance of notes, the notes shall be considered a state security for purposes of Chapter 1231 , Government Code. (d) Notwithstanding Section 222.001 , money in the state highway fund may be used to repay a loan under this section, if appropriated by the legislature for that purpose. Added by Acts 2003, 78th Leg., ch. 1281, Sec. 1, eff. Sept. 13, 2003. Amended by: Acts 2005, 79th Leg., Ch. 281 (H.B. 2702 ), Sec. 2.04, eff. June 14, 2005.
Frequently Asked Questions About Texas § TN.201.115
What does The Texas Constitution § TN.201.115 cover?
Section TN.201.115 ("BORROWING 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 § TN.201.115?
A common citation format is "The Texas Constitution § TN.201.115" (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 § TN.201.115 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.