Texas Water Code - WATER § 15.615. Deposit Agreement

If the board approves an application of an eligible lending institution, the board and the eligible lending institution shall enter into a written deposit agreement.  The agreement shall contain the conditions on which the linked deposit is made.  On execution of the agreement, the board shall place a linked deposit from the revolving fund with the eligible lending institution in accordance with the agreement.  A delay in payment or a default on a loan by an applicant does not affect the validity of the deposit agreement.