Sec. 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.
Added by Acts 2003, 78th Leg., ch. 200, Sec. 19(d), eff. Sept. 1, 2003; Acts 2003, 78th Leg., ch. 352, Sec. 4, eff. Sept. 1, 2003.
Structure Texas Statutes
Title 2 - Water Administration
Subtitle C - Water Development
Chapter 15 - Texas Water Assistance Program
Subchapter J. Financial Assistance for Water Pollution Control
Section 15.601. Creation of Fund
Section 15.603. Creation and Administration of Program
Section 15.604. Financial Assistance Under the Revolving Fund
Section 15.6041. Financial Assistance Under the Safe Drinking Water Revolving Fund
Section 15.6042. Cross-Collateralization of Funds
Section 15.607. Approval of Application
Section 15.608. Approval and Registration
Section 15.609. Recovery of Administrative Costs
Section 15.610. Linked Deposit
Section 15.611. Linked Deposit Program
Section 15.613. Certification of Project
Section 15.614. Approval or Rejection of Application
Section 15.615. Deposit Agreement