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A BILL TO BE ENTITLED
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AN ACT
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relating to the Starr County Hospital District. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 118, Acts of the 63rd Legislature, |
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Regular Session, 1973, is amended by adding Section 5B to read as |
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follows: |
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Sec. 5B. (a) The board may borrow money at a rate not to |
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exceed the maximum annual percentage rate allowed by law for |
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district obligations at 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 during |
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the 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. |