1. (a) Surplus funds means those funds remaining after the approved project is completed.

2. (b) After the final accounting, the executive administrator shall notify the Applicant if surplus funds exist and advise the Applicant that the surplus funds may be used only for:

   1. (1) payment of bonds in inverse order of maturity;
   2. (2) deposit into the interest and sinking fund; or
   3. (3) enhancements to the project that are explicitly approved by the executive administrator, including green components.
3. (c) Determination of the use of any surplus funds is within the sole discretion of the executive administrator.

Source Note:The provisions of this §375.93 adopted to be effective September 8, 2010, 35 TexReg 8126.