31 Tex. Admin. Code § 363.1305 - Use of Funds
(a) The board may use
the funds for financial assistance to political subdivisions as follows:
(1) to make loans at or below market interest
rates, but not lower than 50 percent of the board's market rate;
(2) to make loans with terms not to exceed
the lesser of:
(A) the expected useful life
of the project assets; or
(B) 30
years;
(3) to defer loan
repayments, including deferral of principal and interest or accrued interest
under criteria developed by the board;
(4) to make loans with incremental repurchase
terms for an acquired facility, including terms for no initial repurchase
payment followed by progressively increasing incremental levels of interest
payment, repurchase of principal and interest, and ultimate repurchase of the
entire state interest in the facility using simple interest calculations;
or
(5) a combination of the
financing outlined in paragraphs (1) - (4) of this subsection.
(b) The board may make funding
available under subsection (a) of this section only for implementation of water
plan projects.
Notes
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