The board may declare that funds are not available to meet lawfully authorized obligations of the district, thereby creating an existing emergency, and may borrow money at a rate of not more than 10 percent a year on notes of the district to pay obligations.
Tex. Water Code § 58.391
AUTHORITY TO BORROW MONEY
Applied in 1 court decision — leading case Engelman Irrigation District v. Texas Commission on Environmental Quality (2008)
Most recently applied in Engelman Irrigation District v. Texas Commission on Environmental Quality (April 2008)
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.