Texas Transportation Code

§ 56.003 — REVOLVING LOAN PROGRAM

TN § 56.003Title 4. NAVIGATION · Part A. WATERWAYS AND PORTS · Ch. 56. FUNDING OF SHIP CHANNEL IMPROVEMENTS

Statute text

(a)The commission by rule shall establish a revolving loan program to use money from the fund to enhance the financing capabilities of entities responsible for the local share of qualified project costs by providing revenue or security for:

(1)low-interest loans;

(2)longer repayment terms for loans; and

(3)flexible loan repayment terms, including:

(A)loan structures similar to a line of credit; and

(B)authorized prepayment of loans in advance of the loan's stated maturity date.

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Legislative history

Acts 2019, 86th Leg., R.S., Ch. 1310 (H.B. 3850), Sec. 2, eff. June 14, 2019.