1. (a) Notice of Availability of Funds. Because this chapter imposes requirements greater than those in SRF funding under Chapter 363 of this title (relating to Financial Assistance Program), the board generally provides lower interest rates for projects funded under this chapter. The board will limit funding under this chapter only to that dollar amount of projects reasonably necessary to meet federal requirements. The executive administrator, upon determining that it is necessary to seek projects to be funded under the requirements of this chapter, will provide notice by publication in the Texas Register and by direct mail to political subdivisions included in the project priority list of the availability of funds. The notice shall specify the approximate dollar amount of projects that the board intends to fund through this chapter.
2. (b) Limitation on Maximum Loan Amount. For every notice of availability of funds pursuant to subsection (a) of this section, the maximum amount of funding that will be available to a single application will be limited to 25% of the funds available.
3. (c) Exception. The board will not accept for funding under this chapter projects for which the board already has closed a loan under Chapter 363 of this title (relating to Financial Assistance Programs).
4. (d) Method for Distribution of Funds. Applications will be considered on a first come, first served basis based upon the date the application is considered to be complete and ready for board action unless a fund shortage exists.
5. (e) A fund shortage is considered to exist when on the first business day of the month prior to the board meeting the cumulative amount of funds previously committed pursuant to subsection (a) of this section, plus the amount of funds required to fund all applications which are complete and ready for scheduling for board action exceeds the amount of funds identified as available for such funding in the notice under subsection (a) of this section. Applications are considered to be complete and ready for board action if they meet the requirements of §375.32 of this title (relating to Required General Information), §375.33 of this title (relating to Required Fiscal Data), and §375.34 of this title (relating to Required Legal Data) and either both §375.35 of this title (relating to Required Environmental Review and Determinations) and §375.36 of this title (relating to SRF Engineering Plan) of this title or §375.40 of this title (relating to Pre-Design Funding Option).

6. (f) Applications which are ready for scheduling for board action at the time a fund shortage occurs will be presented for board action under this chapter as follows:

   1. (1) first, applications for treatment works in the order of their priority ranking in accordance with §375.20 of this title (related to Rating Process);
   2. (2) next, if additional funds are available, to applications for implementing management programs for nonpoint source pollution under the Act, §319 in the order of the receipt of completed applications; and
   3. (3) next, if additional funds are available, applications for developing and implementing conservation and management plans under the National Estuary Program under the Act, §320 in the order of the receipt of completed applications.
7. (g) Funds will be made available to applicants under the provisions of subsection (f) of this section in the order specified until available funds identified in subsection (a) of this section, have been utilized. If funds are available under this chapter for only part of an application, the remainder of the project may be funded under the SRF interest rate associated with loans under Chapter 363, Subchapter B of this title (relating to Financial Assistance Programs). Applications for projects for which no funds are available under this chapter will be considered under Chapter 363, Subchapter B of this title (relating to Financial Assistance Programs), unless the applicant indicates it does not want to proceed under such chapter.

Source Note:The provisions of this §375.19 adopted to be effective January 1, 1998, 22 TexReg 12785.