Sec. 222.077. REPAYMENT TERMS; DEPOSIT OF REPAYMENTS; INVESTMENT INCOME. (a) Any funds disbursed through the state infrastructure bank must be repaid on terms determined by the commission. The terms must comply with the federal act except for terms applicable to funds deposited in a subaccount described by Section 222.076(b).
(b) Notwithstanding any other law to the contrary:
(1) the repayment of a loan or other assistance provided with money deposited to the credit of a subaccount in the bank shall be deposited in that subaccount; and
(2) investment income generated by money deposited to the credit of a subaccount in the bank shall be:
(A) credited to that subaccount;
(B) available for use in providing financial assistance under this subchapter; and
(C) invested in United States Treasury securities, bank deposits, or other financing instruments approved by the United States secretary of transportation to earn interest and enhance the financing of projects assisted by the bank.
(c) The commission shall administer the bank in compliance with applicable requirements of the federal act and any applicable federal regulation or guideline.
(d) The commission by rule shall:
(1) implement this subchapter; and
(2) establish eligibility criteria for an entity applying for financial assistance from the bank.
Added by Acts 1997, 75th Leg., ch. 1171, Sec. 1.21, eff. Sept. 1, 1997.
Amended by:
Acts 2005, 79th Leg., Ch. 1267 (H.B. 2134), Sec. 5, eff. June 18, 2005.
Last modified: September 28, 2016