Sec. 58.392. SECURITY FOR LOAN. To secure the loan, the board may pledge up to 85 percent of any levied tax of the district which has not been collected by the district or may pledge as collateral any district bonds which have been authorized but not sold.
Added by Acts 1977, 65th Leg., p. 1537, ch. 627, Sec. 1, eff. Aug. 29, 1977.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 58 - Irrigation Districts
Section 58.391. Authority to Borrow Money
Section 58.392. Security for Loan
Section 58.393. Maturity Date of Loan
Section 58.394. Loan Secured by Bonds
Section 58.395. Expenditure of Loan Proceeds
Section 58.396. Loans Accomplished by Sale of District Bonds
Section 58.397. Pledge of Commercial Income