- (a) At any one time, not more than $30 million, $10 million of which may be used only to finance water conservation projects and $5 million of which may be used only to finance the economic development of businesses in rural areas, may be placed in linked deposits under this chapter.
- (b) The maximum amount of a loan under this chapter to process and market Texas agricultural crops is $500,000. The maximum amount of a loan under this chapter to produce alternative agricultural crops in this state is $250,000. The maximum amount of a loan under this chapter to finance water conservation projects or equipment for agricultural production purposes is $250,000. The maximum amount of a loan under this chapter to finance production of a crop declared eligible for natural disaster relief, as defined by board rule, is $250,000. The maximum amount of a loan under this chapter to finance a business in a rural area is $250,000.
- (c) A loan granted pursuant to this chapter may be used for any agriculture-related operating expense, including the purchase or lease of land or fixed assets acquisition or improvement, as identified in the application.
- (d) A loan granted pursuant to this chapter may be applied to existing debt as described in Section 44.007.
Added by Acts 1987, 70th Leg., 2nd C.S., ch. 32, art. 1, Sec. 1, eff. Nov. 3, 1987.
Amended by Acts 1993, 73rd Leg., ch. 644, Sec. 3, eff. Aug. 30, 1993;
Acts 1997, 75th Leg., ch. 1010, Sec. 5.10, eff. Sept. 1, 1997;
Acts 1999, 76th Leg., ch. 1459, Sec. 5, eff. June 19, 1999;
Acts 2001, 77th Leg., ch. 26, Sec. 3, eff. May 2, 2001.