Texas Education Code 61.9965 – Rural Veterinarian Incentive Program Account
(a) The Texas Higher Education Coordinating Board shall administer the rural veterinarian incentive program account in accordance with Subchapter G, Chapter 56, to provide assistance in the repayment of student loans for eligible veterinarians who apply and qualify for the assistance under the rules of the Texas Animal Health Commission rural veterinarian incentive program committee.
(b) The rural veterinarian incentive program account is an account in the general revenue fund. The account is composed of:
(1) gifts, grants, in-kind contributions, or real or personal property contributed to the account from any individual, group, association, or corporation or the United States, subject to limitations or conditions set by law, for the purposes of this subchapter;
(2) earnings on the principal of the account; and
(3) other amounts deposited to the credit of the account, including:
(A) money deposited from a community or political subdivision that qualifies under the rules authorized by § 56.105 to become a sponsor of an eligible participant under the program; and
(B) legislative appropriations deposited to the account.
Terms Used In Texas Education Code 61.9965
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Personal property: All property that is not real property.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
(c) Money and resources in the account shall be made available and payable as soon as practicable at the request of the Texas Animal Health Commission and may be used only for the following purposes:
(1) to provide financial support as a lump sum to an eligible participant under Subchapter G, Chapter 56, the lender or other holder of the participant’s affected loan, or the participant’s university system;
(2) a reasonable amount, not to exceed seven percent of the account value, to cover the costs of administration of the program; or
(3) a reasonable amount, not to exceed three percent of the account value, as specifically required for the coordinating board for administration of the account.
(d) The unexpended balance of the account at the end of a fiscal year remains in the account subject to further appropriation for the purposes described by Subsection (c).