Texas Water Code 16.455 – Federal Matching Account
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(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.
Terms Used In Texas Water Code 16.455
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
(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.