Sec. 436.156. TEXAS MILITARY VALUE REVOLVING LOAN ACCOUNT. (a) The Texas military value revolving loan account is an account in the general revenue fund.
(b) The account may be used only for loans made under this subchapter.
(c) The commission shall deposit to the credit of the account all loan payments made by a political subdivision for a loan under Section 436.153, 436.1531, or 436.1532. The loan payments shall be used to reimburse the general revenue fund for money appropriated to pay the principal, premium if any, and interest on the bonds issued under Section 436.158. If loan payments exceed the amounts required for reimbursement, the excess shall first be applied to reimburse the expenses of administering the program and secondly deposited to the credit of the Texas military value revolving loan account to fund subsequent loans.
Added by Acts 2003, 78th Leg., ch. 149, Sec. 3, eff. May 27, 2003.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 43 (H.B. 2546), Sec. 14, eff. September 1, 2009.
Acts 2015, 84th Leg., R.S., Ch. 330 (S.B. 1358), Sec. 11, eff. September 1, 2015.
Structure Texas Statutes
Subtitle C - State Military Forces and Veterans
Chapter 436 - Texas Military Preparedness Commission
Subchapter D. Fiscal Provisions
Section 436.152. Analysis of Projects That Add Military or Defense Value; Financing
Section 436.1531. Loans for Communities Adversely Affected by Defense Base Reduction
Section 436.1532. Loans for Communities Positively Affected by Defense Base Restructuring
Section 436.1533. Use of Loan Proceeds to Pay Other Debt Incurred to Finance Project
Section 436.155. Incurrence of Debt by Public Entity
Section 436.156. Texas Military Value Revolving Loan Account
Section 436.157. Gifts and Grants
Section 436.158. Issuance of General Obligation Bonds and Notes for Military Value Account