4 Tex. Admin. Code § 28.50
General Terms and Conditions of the Authority's Commitment
Effective Sep 28, 200530 TexReg 6048Source Note: The provisions of this §28.50 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.Texas Secretary of State
- (a) Permissible use of commitment. The Authority's commitment is to be used to finance the project identified in the qualified application.
- (b) Minimum amount commitment. The Authority shall not provide a commitment to an applicant where the amount of the commitment is less than $100,000.00.
- (c) Maximum amount commitment. The Authority shall provide a commitment to an applicant in an amount approved by the board of the Authority.
- (d) Interest. The interest rate on the commitment shall be the rate approved by the Authority.
- (e) Maturity. The maturity of the commitment must not exceed the useful life of the collateral and may be negotiated between the Authority and the applicant.
- (f) Security. Loans must be secured by collateral of a type, amount, and value which, when considered with other criteria, affords reasonable assurance of repayment.
- (g) Fees. The Authority may approve fees, as it deems appropriate on a case-by-case basis. A nonrefundable application fee will be required with the qualified application. Any and all legal fees incurred by the board in issuing a commitment will be an obligation of the applicant.
- (h) Closing the commitment provided. The applicant and the commissioner of agriculture or commissioner's designee may attend the verification and signing of the closing documents as prepared by staff.
- (i) Reporting requirements for a commitment provided by the Authority. The applicant shall provide to the Authority annual audited financial reports; payment receipts of any applicable personal property taxes; and a statement of the annual employment of the applicant. Annual employment shall be expressed in terms of annual full-time equivalent positions. If necessary, the Authority may request other reports or documentation reasonably necessary for an assessment of the applicant's compliance with the program.
Source Note:The provisions of this §28.50 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.