1. (a) Each recipient of a loan under this program shall provide financial and cash flow statements as required by the commercial lender and approved by the Authority, no less frequently than annually.

2. (b) Each commercial lender shall report in writing to the Authority as follows:

   1. (1) notification if the loan is placed on a watch list;
   2. (2) quarterly monitoring reports indicating loan balance, repayment status, and any credit changes reported to the commercial lender as indicated on the prescribed form to be supplied by the Authority;
   3. (3) notification to the Authority of the payment of all personal property taxes; and
   4. (4) notification in the event of any breaches or defaults in the terms, conditions, or covenants of the note, loan agreement, or other loan documents.
3. (c) If necessary, the Authority may request other reports or documentation reasonably necessary for an assessment of the borrower's compliance with the program.

Source Note:The provisions of this §30.10 adopted to be effective November 15, 1993, 18 TexReg 7539; amended to be effective October 21, 1996, 21 TexReg 9823; amended to be effective September 16, 1997, 22 TexReg 9243; amended to be effective September 28, 1999, 24 TexReg 8150.