- (a) The disaster recovery loan account is created as an account in the general revenue fund with the comptroller, to be administered by the division.
- (b) Money in the account may be used only to provide short-term loans to eligible political subdivisions in the manner provided by this subchapter.
(c) The account consists of:
- (1) money appropriated, credited, or transferred to the account by the legislature;
- (2) money received by the comptroller for the repayment of a loan made from the account;
- (3) gifts or grants contributed to the account; and
- (4) interest earned on deposits and investments of the account.
Added by Acts 2019, 86th Leg., R.S., Ch. 946 (S.B. 6), Sec. 3, eff. September 1, 2019.