SECTION 4.1. Introduction and Purpose

(a) The Texas Military Value Revolving Loan Fund provides a low cost source of revenue to eligible communities who meet the application criteria. The minimum amount of a loan is $1,000,000, while the maximum amount of a loan is determined by the availability of funds and the creditworthiness of the applicant. State funding will be obtained through the sale of general obligation bonds. The State may provide up to 100 percent of the cost of the described project, dependent upon the creditworthiness of the applicant.

(b) Definitions. The following words and terms, when used in this subchapter, shall have the following meanings unless otherwise indicated.

(1) Applicant--A Defense Community, as defined in paragraph (5) of this subsection, applying for a loan from the Fund.

(2) Awardee--The Defense Community whose loan application is approved by the Commission.

(3) Chief of Staff--The Chief of Staff of the Office of the Governor.

(4) Commission--The Texas Military Preparedness Commission. The Commission is attached for administrative purposes to the Office of the Governor.

(5) Defense Community--A "Defense community" as defined in §397.001 of the Local Government Code.

(6) Defense Facility--A "Defense facility" as defined in §397.001 of the Local Government Code.

(7) Director of the Commission--Director of the Texas Military Preparedness Commission.

(8) Economic Redevelopment Value Statement--A statement that illustrates specific ways funds are to be used to promote economic development in the community to include that information as provided for in §397.0021 of the Local Government Code.

(9) Financial Partners--Federal and state agencies, private and public nonprofit foundations, local taxing authorities, and private investors who agree to provide money for projects eligible for funding under this program.

(10) Fund or TMVRLF--The Texas Military Value Revolving Loan Fund or account established under §436.156 of the Government Code.

(11) Military Installation--An activity under the jurisdiction of the Department of Defense, including leased space, that is controlled by, or primarily supports, Department of Defense activities.

(12) Military Value Enhancement Statement--A military base or defense facility value enhancement statement that illustrates specific ways funds are to be used to enhance the military or defense value of the military base or defense facility to include that information as provided for in §397.002 of the Local Government Code.

(13) Project--The construction, renovation, or acquisition for which a TMVRLF loan is requested.

(14) Project Costs--The Defense Community's total costs for completing the project, including any and all costs of financing and administration assessed by the Commission.

(15) Redevelopment Value--The extent to which an economic development project will minimize the negative effects of a defense base reduction, or an infrastructure project will assist the defense community in accommodating the new or expanded military missions that are assigned to the military facility.

Source Note: The provisions of this §4.1 adopted to be effective October 10, 2010, 35 TexReg 9077; amended to be effective January 28, 2016, 41 TexReg 681; amended to be effective April 22, 2020, 45 TexReg 2539