Established by the Commerce policy board pursuant to the authority recited in §181.1(b) of this title (relating to Authority), the program provides a source for IDCs to leverage economic development sales and use tax receipt proceeds. Commerce provides a program loan to the IDC to fund the cost of an eligible project as defined by the Act and in accordance with Commerce's program guidelines. The program loan is secured by a pledge to Commerce of the IDC's economic development sales and use tax receipt proceeds.

Source Note:The provisions of this §181.3 adopted to be effective March 27, 1997, 22 TexReg 2871.