Section 262.0225 - Authority to Borrow Money(a) This section applies only to an authority created by a municipality with a population of less than 25,000.(b) The board may, on behalf of the authority, borrow money from a federally insured lending institution for any of the authority's purposes.(c) The board may borrow money in the amount it considers advisable subject to a rate of interest and other terms and conditions it considers advisable.(d) A loan for which bonds are pledged shall mature not later than the first anniversary of the date on which the loan is made.Tex. Health and Safety Code § 262.0225
Amended by Acts 2003, 78th Leg., ch. 702, Sec. 1, eff. 6/20/2003.Added by Acts 1995, 74th Leg., ch. 740, Sec. 1, eff. 8/28/1995.