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A BILL TO BE ENTITLED
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AN ACT
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relating to the powers of the Karnes County Hospital District. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter D, Chapter 1048, Special District |
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Local Laws Code, as effective April 1, 2009, is amended by adding |
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Section 1048.161 to read as follows: |
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Sec. 1048.161. GENERAL AUTHORITY TO BORROW MONEY; SECURITY. |
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(a) The board may borrow money at a rate not to exceed the maximum |
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annual percentage rate allowed by law for district obligations at |
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the time the loan is made. |
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(b) To secure a loan, the board may pledge: |
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(1) district revenue that is not pledged to pay the |
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district's bonded indebtedness; |
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(2) a district tax to be imposed by the district in the |
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next 12-month period following the date of the pledge that is not |
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pledged to pay the principal of or interest on district bonds; or |
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(3) a district bond that has been authorized but not |
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sold. |
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(c) A loan for which taxes or bonds are pledged must mature |
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not later than the first anniversary of the date the loan is made. A |
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loan for which district revenue is pledged must mature not later |
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than the fifth anniversary of the date the loan is made. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2009. |