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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of certain local governmental entities to |
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borrow money for a public hospital. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle F, Title 4, Health and Safety Code, is |
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amended by adding Chapter 315 to read as follows: |
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CHAPTER 315. AUTHORITY TO BORROW MONEY FOR PUBLIC HOSPITALS |
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Sec. 315.001. DEFINITION. In this chapter, "local |
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governmental entity" includes: |
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(1) a hospital district created under general or |
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special law; |
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(2) a municipal hospital authority; |
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(3) a county hospital authority; |
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(4) a municipality; or |
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(5) a county. |
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Sec. 315.002. AUTHORITY TO BORROW MONEY FOR PUBLIC |
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HOSPITAL; SECURITY. (a) A local governmental entity may borrow |
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money for purposes of a hospital owned or operated by the entity at |
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a rate not to exceed the maximum annual percentage rate allowed by |
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the law at the time the loan is made for similar obligations of the |
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entity. |
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(b) To secure a loan under this section, a local |
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governmental entity may pledge: |
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(1) revenue from the hospital owned or operated by the |
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entity that is not pledged to pay the entity's bonded indebtedness; |
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or |
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(2) tax revenue to be collected by the local |
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governmental entity during the 12-month period following the date |
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of the pledge that is not pledged to pay the principal of or |
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interest on bonds. |
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(c) A loan authorized by this section must mature: |
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(1) not later than the first anniversary of the date |
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the loan is made, if taxes are pledged to repay the loan; and |
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(2) not later than the fifth anniversary of the date |
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the loan is made, if hospital revenue is pledged to repay the loan. |
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SECTION 2. This Act takes effect September 1, 2011. |