Texas Water Code

§ 15.615 — DEPOSIT AGREEMENT

WA § 15.615Title 2. WATER ADMINISTRATION · Part C. WATER DEVELOPMENT · Ch. 15. TEXAS WATER ASSISTANCE PROGRAM · Art. J. FINANCIAL ASSISTANCE FOR WATER POLLUTION CONTROL

Statute text

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If the board approves an application of an eligible lending institution, the board and the eligible lending institution shall enter into a written deposit agreement. The agreement shall contain the conditions on which the linked deposit is made. On execution of the agreement, the board shall place a linked deposit from the revolving fund with the eligible lending institution in accordance with the agreement. A delay in payment or a default on a loan by an applicant does not affect the validity of the deposit agreement.

Legislative history

Added by Acts 2003, 78th Leg., ch. 200, Sec. 19(d), eff. Sept. 1, 2003; Acts 2003, 78th Leg., ch. 352, Sec. 4, eff. Sept. 1, 2003.