1. (a) The commission by rule shall establish a revolving loan program to use money from the fund to enhance the financing capabilities of entities responsible for the local share of qualified project costs by providing revenue or security for:

   1. (1) low-interest loans;
   2. (2) longer repayment terms for loans; and

   3. (3) flexible loan repayment terms, including:

      1. (A) loan structures similar to a line of credit; and
      2. (B) authorized prepayment of loans in advance of the loan's stated maturity date.

2. (b) To be a qualified project, a project must:

   1. (1) deepen or widen a ship channel;
   2. (2) be authorized by the United States Congress; and
   3. (3) meet any other standards provided by commission rule.
3. (c) A project for maintenance dredging is not a qualified project under this section.

Added by Acts 2017, 85th Leg., R.S., Ch. 180 (S.B. 28), Sec. 4, eff. May 26, 2017.

Acts 2019, 86th Leg., R.S., Ch. 1310 (H.B. 3850), Sec. 2, eff. June 14, 2019.