Texas Administrative Code
Title 10 - COMMUNITY DEVELOPMENT
Part 5 - OFFICE OF THE GOVERNOR, ECONOMIC DEVELOPMENT AND TOURISM OFFICE
Chapter 177 - PRODUCT DEVELOPMENT AND SMALL BUSINESS INCUBATOR FUND
Section 177.4 - Bonds
Universal Citation: 10 TX Admin Code ยง 177.4
Current through Reg. 49, No. 38; September 20, 2024
(a) Use of product development bond proceeds. The proceeds of the product development bonds may be used:
(1) to fund reasonably required reserve
accounts.
(2) to pay costs incurred
in issuing the bonds; and
(3) to
either:
(A) fund loans made by the bank to an
applicant to provide financing to aid in the development and production,
including the commercialization, of new or improved products in this state;
or
(B) refund or redeem all or part
of any outstanding bonds.
(b) Use of small business incubator bond proceeds. The proceeds of the small business incubator bonds may be used:
(1) to fund reasonably required reserve
accounts.
(2) to pay all costs
incurred in issuing the bonds; and
(3) to either:
(A) fund loans made by the bank to an
applicant to provide financing to foster and stimulate the development of small
businesses in this state; or
(B)
refund or redeem all or part of any outstanding bonds.
(c) In no event shall the board, the governing body, the office, or the unit have any obligation, financial or otherwise, to any person for failure to issue, sell, or deliver its bonds.
Disclaimer: These regulations may not be the most recent version. Texas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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