Sec. 16.455. FEDERAL MATCHING ACCOUNT. (a) The federal matching account is an account in the resiliency fund.
(b) The board may use the account only to meet matching requirements for projects funded partially by federal money, including projects funded by the United States Army Corps of Engineers.
(c) The board may use the account to make a loan to an eligible political subdivision below market interest rates and under flexible repayment terms, including a line of credit or loan obligation with early prepayment terms, to provide financing for the local share of a federally authorized ship channel improvement project.
Added by Acts 2019, 86th Leg., R.S., Ch. 947 (S.B. 7), Sec. 3.01, eff. June 13, 2019.
Structure Texas Statutes
Title 2 - Water Administration
Subtitle C - Water Development
Chapter 16 - Provisions Generally Applicable to Water Development
Subchapter L. Flood Project Funding
Section 16.452. Texas Infrastructure Resiliency Fund
Section 16.453. Floodplain Management Account
Section 16.454. Hurricane Harvey Account
Section 16.4545. Flood Plan Implementation Account
Section 16.455. Federal Matching Account
Section 16.456. Texas Infrastructure Resiliency Fund Advisory Committee
Section 16.457. Report Required
Section 16.458. Applicable Law