SECTION 6.45. Financial and Credit Requirements

An applicant receiving financial assistance under this chapter shall:

(1) repay the financial assistance at the specified interest rate over a specified period as provided in the financial assistance agreement;

(2) submit to the department within 30 days of the date of their adoption the annual operating and capital budgets adopted by the applicant each fiscal year under a trust agreement or indenture or equivalent document securing bonds issued for a project, and any amended or supplemental operating or capital budget, approved by the governing body of the applicant and certified as correct by its chief administrative officer or chief financial officer;

(3) for all debt payable from the same revenue that is to repay the financial assistance, within 30 days after the date of submission to the Electronic Municipal Market Access System (EMMA) of the Municipal Securities Rulemaking Board of annual financial information and notices of material events required to be disclosed under Rule 15c2-12 of the United States Securities and Exchange Commission (17 C.F.R. §240.15c2-12), submit the information or notice to the department or advise the department in writing that the submission to EMMA has been made and provide in that writing the associated CUSIP number; and

(4) abide by provisions governing default.

Source Note: The provisions of this §6.45 adopted to be effective June 21, 2012, 37 TexReg 4433