Texas Water Code 15.612 – Application by Eligible Lending Institutions to Participate in Linked Deposit Program
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Terms Used In Texas Water Code 15.612
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
To participate in the nonpoint source pollution control linked deposit program, an eligible lending institution must:
(1) solicit loan applications, which must contain a description of a proposed nonpoint source pollution control project;
(2) review applications to determine if applicants are eligible and creditworthy; and
(3) submit the applications of eligible and creditworthy applicants to the executive administrator with a certification:
(A) of the interest rate applicable to each applicant by the eligible lending institution; and
(B) of the proposed project by the appropriate person as required by § 15.613.