SECTION 181.3. Program

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Established pursuant to the authority recited in §181.1(b) of this title (relating to Texas Leverage Fund General Rules), the program provides a source for EDCs to leverage economic development sales and use tax receipt proceeds. The Office provides a program loan to the EDC to fund the cost of an eligible project as defined by the Act and in accordance with the Office's program guidelines. The program loan is secured by a pledge to the Office of the EDC's economic development sales and use tax receipt proceeds.

Source Note: The provisions of this §181.3 adopted to be effective March 27, 1997, 22 TexReg 2871; amended to be effective December 10, 2001, 26 TexReg 10054; amended to be effective August 5, 2012, 37 TexReg 5730

                    
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