By Stiles                                             H.B. No. 2839
       74R5565 MI-D
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the borrowing powers of drainage districts.
    1-3        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-4        SECTION 1.  Subchapter D, Chapter 56, Water Code, is amended
    1-5  by adding Section 56.144 to read as follows:
    1-6        Sec. 56.144.  BORROWING MONEY.  A district may borrow for any
    1-7  legal purpose from the United States or from any banking
    1-8  institution or other source not more than $250,000 to meet
    1-9  temporary needs.  The district may issue notes or other short-term
   1-10  obligations, other than bonds, that will mature in not more than 10
   1-11  years from the date of issuance and may pledge any securities owned
   1-12  by the district or the district's surplus revenues.
   1-13        SECTION 2.  The importance of this legislation and the
   1-14  crowded condition of the calendars in both houses create an
   1-15  emergency and an imperative public necessity that the
   1-16  constitutional rule requiring bills to be read on three several
   1-17  days in each house be suspended, and this rule is hereby suspended,
   1-18  and that this Act take effect and be in force from and after its
   1-19  passage, and it is so enacted.