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.