- (a) The federal matching account is an account in the resiliency fund.
- (b) The board may use the account only to meet matching requirements for projects funded partially by federal money, including projects funded by the United States Army Corps of Engineers.
- (c) The board may use the account to make a loan to an eligible political subdivision below market interest rates and under flexible repayment terms, including a line of credit or loan obligation with early prepayment terms, to provide financing for the local share of a federally authorized ship channel improvement project.
Added by Acts 2019, 86th Leg., R.S., Ch. 947 (S.B. 7), Sec. 3.01, eff. June 13, 2019.