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

1. (1) Act--The Texas Agricultural Finance Act, Texas Agriculture Code, Chapter 58, as amended.
2. (2) Applicant--Any rural city, county, economic development corporation, or other unit of local government filing an application with the Authority for a financial commitment.
3. (3) Application--An application, including supporting documentation and schedules as required by the Authority, for participation in the program.
4. (4) Authority--The Texas Agricultural Finance Authority.
5. (5) Board--The board of directors of the Authority.
6. (6) Bond--Any type of obligation issued under the Act, including without limitation, any bond, note, draft, bill, warrant, debenture, interim certificate, revenue of bond anticipation note, grant, or any other evidence of indebtedness.
7. (7) Business day--A day on which the department is open for business. The term shall not include Saturday, Sunday, or a traditional holiday officially observed by the state. The department's normal business hours are 8 a.m. to 5 p.m. each business day.
8. (8) Commitment--Any form of financial assistance provided to an applicant as approved by the board, including a direct loan, a bond purchase, a participation commitment, or a conduit issuance for a political subdivision providing economic development to a rural area of the state.
9. (9) Department--The Texas Department of Agriculture.
10. (10) Direct loan--A loan made by the Authority to an eligible applicant as identified in the application and the loan documents.
11. (11) Fund--The Texas Agricultural Fund.
12. (12) Interest rate--The interest rate charged on a commitment approved by the Authority board for an eligible applicant.
13. (13) Lender--A lending institution, including a bank, trust company, banking association, savings bank, mortgage company, investment banker, credit union, underwriter, life insurance company, or any affiliate of those entities, and also including any other financial institution or governmental agency that customarily provides financing for rural economic development loans or mortgages, or any affiliate of such institution or agency.
14. (14) Project--An enterprise or project, which would further economic development of a rural area.
15. (15) Qualified application--A completed application, including all documents and information required by the Authority and submitted by the lender or applicant for a project, that is consistent with the purpose of rural economic development.
16. (16) Rural area--A rural area means an area which is predominately rural in character, and the board defines and considers to be a rural area.
17. (17) Staff--The staff of the Authority or staff of the department performing work for the Authority.
18. (18) State--The State of Texas.

Source Note:The provisions of this §28.43 adopted to be effective September 6, 2000, 25 TexReg 8623; amended to be effective September 28, 2005, 30 TexReg 6048; transferred effective October 1, 2007, as published in the Texas Register September 28, 2007, 32 TexReg 6793.