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Texas Water Code - WATER § 15.996. Loans to Nonprofit Water Supply or Sewer Service Corporations

Current as of April 14, 2021 | Updated by FindLaw Staff

(a) In addition to any other method of providing financial assistance authorized by this subchapter, the board may make financial assistance available to an applicant that is a nonprofit water supply or sewer service corporation by entering into a loan agreement with the applicant.

(b) To be eligible to receive financial assistance under this section, the applicant must:

(1) execute a promissory note for the full amount of the loan;  and

(2) provide to the board an attorney's opinion stating that the applicant has the authority to incur the debt.

(c) An applicant for financial assistance under this section is not required to appoint or employ:

(1) a bond counsel;  or

(2) a financial advisor.

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Cite this article: FindLaw.com - Texas Water Code - WATER § 15.996. Loans to Nonprofit Water Supply or Sewer Service Corporations - last updated April 14, 2021 | https://codes.findlaw.com/tx/water-code/water-sect-15-996/

Read this complete Texas Water Code - WATER § 15.996. Loans to Nonprofit Water Supply or Sewer Service Corporations on Westlaw

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.

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