Sec. 436.155. INCURRENCE OF DEBT BY PUBLIC ENTITY. (a) A defense community in this state may borrow money from the state, including by direct loan, based on the credit of the defense community to finance a project included in the community's military base or defense facility value enhancement statement.
(b) A defense community may enter into a loan agreement with the state to provide financing for a project. The defense community may pledge the taxes of the community or provide any other guarantee for the loan.
(c) Money borrowed must be segregated from other funds under the control of the defense community and may only be used for purposes related to a specific project.
(d) The authority granted by this section does not affect the ability of a defense community to incur debt using other statutorily authorized methods.
Added by Acts 2003, 78th Leg., ch. 149, Sec. 3, eff. May 27, 2003.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 777 (S.B. 1200), Sec. 10, eff. September 1, 2013.
Structure Texas Statutes
Subtitle C - State Military Forces and Veterans
Chapter 436 - Texas Military Preparedness Commission
Subchapter D. Fiscal Provisions
Section 436.152. Analysis of Projects That Add Military or Defense Value; Financing
Section 436.1531. Loans for Communities Adversely Affected by Defense Base Reduction
Section 436.1532. Loans for Communities Positively Affected by Defense Base Restructuring
Section 436.1533. Use of Loan Proceeds to Pay Other Debt Incurred to Finance Project
Section 436.155. Incurrence of Debt by Public Entity
Section 436.156. Texas Military Value Revolving Loan Account
Section 436.157. Gifts and Grants
Section 436.158. Issuance of General Obligation Bonds and Notes for Military Value Account