SECTION 365.44. Loan Agreements for Nonprofit Water Supply or Sewer Service Corporations

(a) The board may provide financial assistance to an applicant that is a nonprofit water supply or sewer service corporation by entering into a loan agreement with the nonprofit water supply or sewer service corporation.

(b) In addition to executing a loan agreement, the applicant must execute a promissory note in the full amount of the loan.

(c) An applicant which utilizes the loan agreement option is not required to engage the services of a bond counsel or a financial advisor.

(d) The applicant must provide the board with an attorney's opinion as to the authority of the rural political subdivision to incur the debt.

Source Note: The provisions of this §365.44 adopted to be effective January 1, 2002, 26 TexReg 11031; amended to be effective November 30, 2011, 36 TexReg 8036; transferred effective February 15, 2020, as published in the January 24, 2020 issue of the Texas Register, 45 TexReg 593