SECTION 28.7. Servicing and Collateral Administration

(a) Except as otherwise provided by state law, these rules, or resolution of the board, the staff, with the approval of the commissioner or deputy commissioner, or the department official designated by commissioner as being responsible for the Authority's programs, shall have the power to act on behalf of the Authority, without specific board approval, in regard to the administration, collection, enforcement, settlement and servicing of each and every commitment previously approved by the board under the Authority's programs, including, without limitation, those commitments and programs in effect prior to September 1, 2009. Such authority shall include, without limitation, any action required to be taken under any commitment, financial instrument, grant agreement, interest rebate or reduction agreement, loan guarantee, obligation, participation agreement, and any other agreement approved by the board and entered into by the Authority with respect to financial assistance or commitment made by the Authority.

(b) Nothing in this section shall prevent the commissioner, the deputy commissioner, the department official designated by commissioner as being responsible for the Authority programs, or the staff from submitting any matter to the board for its consideration and approval.

Source Note: The provisions of this §28.7 adopted to be effective May 9, 2010, 35 TexReg 3470