By: Garza H.B. No. 2764
A BILL TO BE ENTITLED
AN ACT
relating to powers and duties of a municipal county authority
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subtitle C, Health and Safety Code, is amended by
changing Chapter 262, Subchapter C, Section 262.0225 to read as
follows:
CHAPTER 262. MUNICIPAL HOSPITAL AUTHORITIES
SUBCHAPTER C. POWERS AND DUTIES
Sec. 262.0225. AUTHORITY TO BORROW MONEY (a) This section
applies only to an authority created by a municipality with a
population of less than [5,000] 25,000.
(b) The board may, on behalf of the authority, borrow money
from a federally insured lending institution for any of the
authority's purposes.
(c) The board may borrow money in the amount it considers
advisable subject to a rate of interest and other terms and
conditions it considers advisable.
(d) A loan for which bonds are pledged shall mature not
later than the first anniversary of the date on which the loan is
made.
SECTION 2. This Act takes effect immediately if it receives
a vote of two thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2003.