Sec. 15.979. FUNDING FOR LOCAL ECONOMIC DEVELOPMENT. (a) The board may use the fund to provide financial assistance to an eligible political subdivision to enable the political subdivision to fund loans and grants for projects that conserve and develop the water resources of the political subdivision for the ultimate benefit of the public, and that develop and diversify its local economy, consistent with the terms and conditions set forth in a program adopted by the governing body of the political subdivision under authority granted by Section 15.980.
(b) The board may not purchase political subdivision bonds issued for the purposes described by Subsection (a) that are secured in whole or in part by a pledge of ad valorem taxes unless the political subdivision submits evidence satisfactory to the board that the issuance of the bonds has been approved by the citizens of the political subdivision voting at an election held for the purposes described in Section 15.980.
Added by Acts 2001, 77th Leg., ch. 966, Sec. 4.01, eff. Sept. 1, 2001. Renumbered from Water Code Sec. 15.909 and amended by Acts 2003, 78th Leg., ch. 1275, Sec. 2(142), 3(43), eff. Sept. 1, 2003.
Structure Texas Statutes
Title 2 - Water Administration
Subtitle C - Water Development
Chapter 15 - Texas Water Assistance Program
Subchapter Q. Water Infrastructure Fund
Section 15.973. Water Infrastructure Fund
Section 15.974. Use of Water Infrastructure Fund
Section 15.975. Approval of Applications
Section 15.9751. Priority for Water Conservation
Section 15.976. Applicable Law
Section 15.978. Sale of Political Subdivision Bonds
Section 15.979. Funding for Local Economic Development
Section 15.980. Authority to Establish Economic Development Programs