Sec. 55.456. OBTAINING LOAN WHEN BONDS CANNOT BE SOLD. If the district has any bonds which were issued under the provisions of this code but which cannot, in the opinion of the board, be sold on terms which are advantageous to the district, the district may obtain a loan in an amount of not more than the amount of the unsold bonds. The money may be used for any of the purposes for which the bonds were issued, and the bonds may be pledged as a guarantee or assurance that the loan will be paid. The amount of bonds pledged may not exceed the amount of the loan by more than 15 percent.
Acts 1971, 62nd Leg., p. 463, ch. 58, Sec. 1, eff. Aug. 30, 1971.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 55 - Water Improvement Districts
Section 55.452. Adopting Method for Payment of Debts
Section 55.454. Incurring Debt Without Voter Approval
Section 55.455. Taxes on Uniform Basis
Section 55.456. Obtaining Loan When Bonds Cannot Be Sold
Section 55.457. Using Revenue From Sale of Water, Power, and Other Services to Pay Debts