(a) The board may charge a recipient of financial assistance from the revolving fund
or an additional state revolving fund an origination fee and an annual fee. The board by rule shall set the fees at amounts it considers necessary to recover
the costs incurred by the board in administering the revolving fund or an additional
state revolving fund that are not paid from that fund.
(b) The board may establish one or more operating funds to finance the administration
of the revolving fund or an additional state revolving fund. An operating fund must be held outside the state treasury and separate from the
fund to which it relates. The board shall deposit to the credit of the appropriate operating fund the fees
collected under Subsection (a). The board shall use money deposited to the credit of an operating fund to pay the
board's costs of administering the revolving fund or additional state revolving fund
to which the operating fund relates, including the cost of servicing debt obligations
of recipients of financial assistance made available from the revolving fund or additional
state revolving fund.
(c) The board may not transfer money in the revolving fund or an additional state
revolving fund to an operating fund, but the board may transfer money in an operating
fund to the revolving fund or additional state revolving fund to which the operating
(d) Money in an operating fund shall be invested in authorized investments as provided
by board order, resolution, or rule.
(e) The board may agree with the holder of a bond the proceeds of which will be deposited
in the revolving fund or an additional state revolving fund that the board will use
money in an operating fund only as provided by this section.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.