Texas Administrative Code
Title 10 - COMMUNITY DEVELOPMENT
Part 5 - OFFICE OF THE GOVERNOR, ECONOMIC DEVELOPMENT AND TOURISM OFFICE
Chapter 181 - TEXAS LEVERAGE FUND PROGRAM
Section 181.1 - Texas Leverage Fund General Rules

Universal Citation: 10 TX Admin Code ยง 181.1

Current through Reg. 49, No. 38; September 20, 2024

(a) Introduction. Pursuant to the authority granted by the Texas Government Code, Chapter 481, as amended, and the Administrative Procedure Act, Texas Government Code, Chapter 2001, Subchapter B, Rulemaking, as amended, the Economic Development and Tourism Office in the Office of the Governor (Office) prescribes the following rules regarding practice and procedure applicable to economic development corporations established pursuant to the Texas Local Government Code, Chapter 504 and Chapter 505, as amended. The rules relate to loans made to economic development corporations under the Office's Texas Leverage Fund Program.

(b) Authority.

(1) Pursuant to the provisions of the Constitution of the State of Texas, Article III, §52-a, adopted by the voters of the State of Texas on November 3, 1987, and the Texas Government Code, Chapter 481, as amended, the Office, an agency of the State of Texas, is authorized to provide for the issuance of revenue bonds or notes for the purpose of providing money to fund economic development programs.

(2) The Office adopted a Master Resolution as of September 9, 1992, establishing a $300,000,000 Taxable Commercial Paper Note Program Series A for the purpose of providing money to establish certain Office loan programs. By First Supplemental Resolution dated as of September 9, 1992, the Office authorized the issuance of $25,000,000 in aggregate principal amount at any one time outstanding of its Taxable Commercial Paper Notes Series A to fund economic development programs.

(c) Delegation of authority to executive director. Pursuant to the Texas Government Code, § RSA 481.075(a) and the Master Resolution, the Office has delegated to the executive director, or his/her designee, the authority to approve each loan made under the Texas Leverage Fund Program. Further, the Office delegated to the executive director, or his/her designee, all necessary authority in regard to collection, settlement and enforcement of each and every loan approved and funded under this program.

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