SECTION 363.905. Loan Agreement and Promissory Note  


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  • The board may make financial assistance available to a rural community by entering into a loan agreement and promissory note. The loan agreement will provide for the payment of principal and interest on the debt and other terms and conditions of the loan. The rural community must execute a promissory note, payable to the board, to evidence the obligation to repay the loan.

Source Note: The provisions of this §363.905 adopted to be effective November 7, 2001, 26 TexReg 8848