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.
Tex. Water Code § 58.392
SECURITY FOR LOAN
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.