Sec. 1114.205. PROMISSORY NOTES. (a) The board may execute and deliver promissory notes to purchase, construct, acquire, repair, equip, or renovate buildings and improvements for hospital purposes.
(b) The notes may be secured by:
(1) a mortgage or deed of trust lien on all or part of the district property; or
(2) a pledge of revenues derived from the operation of the district's hospital.
(c) The notes may be paid from:
(1) taxes imposed by the district, not to exceed the tax rate approved by the voters; and
(2) the revenues derived from the operation of the district's hospital.
(d) The total amount of revenues pledged under Subsection (b)(2) may not exceed 50 percent of the estimated revenues for the period the pledge is effective.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.01, eff. April 1, 2015.
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