Texas Water Code

§ 15.604 — FINANCIAL ASSISTANCE UNDER THE REVOLVING FUND

WA § 15.604Title 2. WATER ADMINISTRATION · Part C. WATER DEVELOPMENT · Ch. 15. TEXAS WATER ASSISTANCE PROGRAM · Art. J. FINANCIAL ASSISTANCE FOR WATER POLLUTION CONTROL

Statute text

View on source

(a)The board may use the revolving fund for financial assistance only as provided by the federal act:

(1)to make loans, on the conditions that:

(A)the loan is made at or below market interest rates, including an interest-free loan;

(B)principal and interest payments will begin not later than one year after completion of the project to be financed and the loan will be fully amortized not later than the expiration date of the term of the loan;

(C)the recipient of the loan will establish a dedicated source of revenue for repayment of the loan; and

(D)the revolving fund will be credited with all payments of principal of and interest on the loan;

…

Legislative history

Acts 2009, 81st Leg., R.S., Ch. 1243 (S.B. 2314), Sec. 1, eff. June 19, 2009. Acts 2019, 86th Leg., R.S., Ch. 428 (S.B. 942), Sec. 3, eff. September 1, 2019.