Texas Water Code

§ 17.904 — LINKED DEPOSIT

WA § 17.904Title 2. WATER ADMINISTRATION · Part C. WATER DEVELOPMENT · Ch. 17. PUBLIC FUNDING · Art. J. AGRICULTURAL WATER CONSERVATION BOND PROGRAM

Statute text

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A linked deposit is a deposit governed by a written deposit agreement between the board and an eligible lending institution that provides that:

(1)the eligible lending institution pay interest on the deposit at a rate determined by the board;

(2)the state not withdraw any part of the deposit before the expiration of a period set by a written advance notice of the intention to withdraw; and

(3)the eligible lending institution agree to lend the value of the deposit to a person at a maximum rate that is the rate paid by the eligible lending institution to the board plus a maximum of four percent.

Legislative history

Added by Acts 2003, 78th Leg., ch. 200, Sec. 19(u), eff. Sept. 1, 2003; Acts 2003, 78th Leg., ch. 352, Sec. 21, eff. Sept. 1, 2003.