1. (a) Background. The Texas Military Value Revolving Loan Fund is authorized by Texas Government Code, Chapter 436, Subchapter D. The fund currently has a three-fold purpose:

   1. (1) Assist defense communities in enhancing the military value of the military facility in their area;
   2. (2) Assist defense communities adversely impacted by a BRAC 2005 or later action; and
   3. (3) Assist defense communities positively impacted by a BRAC 2005 or later action. The Constitution was amended in 2003, adding Article 111, §49-n which authorizes the issuance of general obligation bonds or notes not to exceed $250 million payable from the general revenues of the state to provide loans to defense communities.
2. (b) The goals of the program are to enhance the military value of the military facility to make it operate as efficiently as possible and assist defense communities that have been adversely or positively impacted by a BRAC 2005 action.

3. (c) Definitions. The following words and terms, when used in this section, shall have the following meanings, unless the context clearly indicates otherwise:

   1. (1) A Defense Community--A defense community in Texas that is a political subdivision, including a municipality, county, or special district, that is adjacent to, is near, or encompasses any part of a defense base;
   2. (2) Agency--The Office of the Governor;
   3. (3) Applicant--A Defense Community, as defined in paragraph (1) of this subsection, applying for a loan from the Texas Military Value Revolving Loan Fund;
   4. (4) Awardee--The Defense Community whose loan application is approved by the Commission;
   5. (5) Commission--The Texas Military Preparedness Commission;
   6. (6) Commissioners--Members of the Texas Military Preparedness Commission;
   7. (7) Community--A defense community;
   8. (8) Executive Director--The executive director of the Texas Military Preparedness Commission;
   9. (9) Financial partners--Federal and state agencies, private and public non-profit foundations, local taxing authorities, and private investors who agree to provide money for projects eligible for funding under this program;
   10. (10) Fund--The Texas Military Value Revolving Loan Fund;
   11. (11) Panel--The Revolving Loan Fund Review Panel, made up of Commissioners who will evaluate loan applications and make loan recommendations to the Commission;
   12. (12) Project--The contraction, renovation, or acquisition for which a TMVRLF loan is requested; and
   13. (13) Project Costs--The Defense Community's total costs for completing the project including any and all costs of financing and administration assessed by the Commission.

Source Note:The provisions of this §4.1 adopted to be effective June 22, 2004, 29 TexReg 5911; amended to be effective December 21, 2006, 31 TexReg 10093.