The following words and terms, when used in this chapter, shall have the following meanings, unless the context clearly indicates otherwise:

1. (1) Board--The Bond Review Board, created under Chapter 1078, Acts of the 70th Legislature, Regular Session, 1987 codified as Chapter 1231, Government Code.

2. (2) Interest rate management agreement--An agreement that provides for an interest rate transaction, including a swap, basis, forward, option, cap, collar, floor, lock, or hedge transaction, for a transaction similar to those types of transactions, or for a combination of any of those types of transactions. The term includes:

   1. (A) a master agreement that provides standard terms for transactions;
   2. (B) an agreement to transfer collateral as security for transactions; and
   3. (C) a confirmation of transactions.

3. (3) State security--

   1. (A) an obligation, including a bond, issued by:

      1. (i) a state agency;
      2. (ii) an entity expressly created by statute and having statewide jurisdiction; or
      3. (iii) any other entity issuing a bond or other obligation on behalf of the state or on behalf of any entity listed in clause (i) or (ii) of this subparagraph;
   2. (B) an installment sale or lease-purchase obligation issued by or on behalf of an entity listed in subparagraph (A)(i), (ii), or (iii) of this paragraph that has a stated term of longer than five years or has an initial principal amount of greater than $250,000; or
   3. (C) an obligation, including a bond, that is issued under Chapter 53, Education Code, at the request of or for the benefit of an institution of higher education other than a public junior college.
4. (4) Institution of higher education has the meaning assigned by §61.003, Education Code.
5. (5) Business day means a day when the bond finance office is open for business.

Source Note:The provisions of this §181.1 adopted to be effective August 10, 1988, 13 TexReg 3755; amended to be effective February 27, 2002, 27 TexReg 1335; amended to be effective April 9, 2008, 33 TexReg 2828; amended to be effective February 8, 2012, 37 TexReg 501; amended to be effective December 2, 2019, 44 TexReg 7398.