Sec. 15.996. LOANS TO NONPROFIT WATER SUPPLY OR SEWER SERVICE CORPORATIONS. (a) In addition to any other method of providing financial assistance authorized by this subchapter, the board may make financial assistance available to an applicant that is a nonprofit water supply or sewer service corporation by entering into a loan agreement with the applicant.
(b) To be eligible to receive financial assistance under this section, the applicant must:
(1) execute a promissory note for the full amount of the loan; and
(2) provide to the board an attorney's opinion stating that the applicant has the authority to incur the debt.
(c) An applicant for financial assistance under this section is not required to appoint or employ:
(1) a bond counsel; or
(2) a financial advisor.
Added by Acts 2011, 82nd Leg., R.S., Ch. 64 (S.B. 360), Sec. 5, eff. September 1, 2011.
Section: Previous 15.973 15.974 15.975 15.9751 15.976 15.977 15.978 15.979 15.980 15.981 15.991 15.992 15.993 15.994 15.995Last modified: September 28, 2016