(a) The development corporation may make a loan to a community health center only with the approval of the investment committee.
(b) The development corporation shall use at least 60 percent of the money received under the program for loans to community health centers in existence for at least one year before the loan date.

Terms Used In Texas Human Resources Code 136.006

  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Year: means 12 consecutive months. See Texas Government Code 311.005

(c) A loan made by the development corporation may be subordinated debt.
(d) The development corporation may make a loan under the program through a partnership or joint investment with one or more financial institutions or federal or state programs.
(e) Payments on community health center loans shall be made to the development corporation. The development corporation shall use the loan payment money received from community health centers to make new loans as provided by this chapter.

  Previous section
Next section  
 Chapter 136 Contents