The board may borrow money to pay maintenance and operating expenses at an interest rate of not more than 10 percent a year and may pledge as security any of its notes or contracts with water users or accounts against them.
Tex. Water Code § 58.320
LOANS FOR MAINTENANCE AND OPERATING EXPENSES
Added by Acts 1977, 65th Leg., p. 1537, ch. 627, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.