1. (a) The commission may not approve a loan that bears interest of less than three percent annually or that has a term that exceeds 20 years.

2. (b) Before approving a loan or grant, the commission shall require that:

   1. (1) the airport or facility remain in the control of each political subdivision involved for at least 20 years;
   2. (2) the political subdivision disclose the source of all funds for the project and the political subdivision's ability to finance and operate the project;

   3. (3) at least:

      1. (A) 10 percent of the total project cost be provided by sources other than the state; or
      2. (B) if the airport is located in an economically disadvantaged county, as defined by Section 222.053, five percent of the total project cost be provided by sources other than the state; and
   4. (4) the project be adequately planned.

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.

Acts 2025, 89th Leg., R.S., Ch. 663 (H.B. 4520), Sec. 1, eff. September 1, 2025.