Sec. 1050.156. AUTHORITY TO BORROW MONEY; SECURITY. (a) The board may borrow money at a rate of interest the board determines is appropriate. (b) To secure a loan, the board may pledge: (1) district revenue that is not pledged to pay the district's bonded indebtedness; or (2) property acquired with the loan proceeds that is not pledged to pay the district's bonded indebtedness. (c) A loan authorized by this section must mature not later than the fifth anniversary of the date the loan is made.
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