Texas Administrative Code
Title 31 - NATURAL RESOURCES AND CONSERVATION
Part 10 - TEXAS WATER DEVELOPMENT BOARD
Chapter 367 - AGRICULTURAL WATER CONSERVATION PROGRAM
Section 367.17 - Board Obligations in Linked Deposit Agreements
Universal Citation: 31 TX Admin Code ยง 367.17
Current through Reg. 49, No. 12; March 22, 2024
(a) Upon execution of a linked deposit agreement by the executive administrator and an eligible lending institution, the board, acting through its executive administrator, shall:
(1) deposit with the lending institution the
amount of money identified in the linked deposit agreement from the fund;
and
(2) perform such other terms
and conditions as specified in the linked deposit agreement.
(b) The board or the executive administrator may withdraw linked deposits and accrued interest from the lending institution without penalty according to the terms of the linked deposit agreement or if the institution ceases to be either a state depository as designated by the Texas comptroller of public accounts or a Farm Credit System institution headquartered in Texas.
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