Sec. 1027.160.  AUTHORITY TO BORROW MONEY IN EMERGENCY; 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)  district taxes to be imposed by the district during the 12-month period following the date of the pledge that are not pledged to pay the principal of or interest on district bonds; or
(3)  district bonds that have been authorized but not sold.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.