SECTION 29.25. Rural Economic Development Capital for Texas (RED C4T) Program

(a) The RED C4T Program shall promote rural economic development and agricultural development in this State.

(b) The Department may utilize Other Funds or Recycled Funds to make allocations to Recipients selected by the Department to administer the RED C4T Program.

(c) The Department may authorize grants or loans under the RED C4T Program to eligible entities that will in turn administer the funds on behalf of the Department.

(d) RED C4T funds must be administered according to the original application filed and approved by the Department and must meet the requirements and the objectives of the RED C4T Program.

(e) The initial investment, whether a grant or loan, must be made to an entity directly supporting rural economic development, or a rural small business or small agricultural business of this State.

(f) An eligible Recipient of a RED C4T investment may be political subdivisions, economic development organizations, non-profits, utility companies, public-private partnerships or for-profit entities that are directly supporting a small rural business or small agricultural business of this State.

(g) Specific legal terms and obligations applicable to the Department and any Recipient shall be defined in an Agreement.

Source Note: The provisions of this §29.25 adopted to be effective December 29, 2020, 45 TexReg 9409