Through action of the Texas Legislature and the approval of the Texas voters, the Texas Agricultural Finance Authority (the Authority) is authorized by §58.021(d) of the Texas Agriculture Code and by Article III, §49-f of the Texas Constitution to design and implement programs to further rural economic development and to issue general obligation bonds in the maximum principal amount of $200 million outstanding at any one time for such programs. The proceeds of such bonds are required to be deposited in the Texas agricultural fund, to be administered in the same manner that proceeds of bonds issued under Article III, § 49-i of the Texas Constitution are administered.

Source Note:The provisions of this §28.41 adopted to be effective September 6, 2000, 25 TexReg 8623; transferred effective October 1, 2007, as published in the Texas Register September 28, 2007, 32 TexReg 6793.