This is a clone of the Texas Administrative Code (TAC) for educational purposes. It is not the official version and should not be used for legal purposes. Site created Wed, 21 May 2025 21:16:37 GMT
In addition to the definitions set out in the Texas Agriculture Code, Chapter 58, as amended, and in subchapter A of this chapter (relating to Financial Assistance Rules), the following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.(1) Act--The Texas Agriculture Code, Chapter 44, §44.007.(2) Eligible borrower--A person who proposes to use the proceeds of a loan under the interest rate reduction program in a manner that will help accomplish the state's goal of fostering the:(A) creation and expansion of enterprises based on agriculture in this state; or(B) development or expansion of businesses in rural areas of the state.(3) Linked deposit--A time deposit governed by a written deposit agreement between the state and the lender that provides that:(A) the lender pay interest on the deposit at a rate that is not less than the greater of:(i) the current market rate minus 2%; or(ii) 1.5%;(B) the state not withdraw any part of the deposit before the expiration of a period set by a written advance notice of the intention to withdraw; and(C) the eligible lending institution agree to lend the value of the deposit to an eligible borrower at a maximum rate that is the linked deposit rate plus a maximum of 4.0%.(4) Program--The Interest Rate Reduction Program authorized by the Act, §44.007.