Texas Government Code 481.606 – Small Business Disaster Recovery Revolving Fund
(a) The small business disaster recovery revolving fund is a special fund outside the state treasury to be used by the office, without further legislative appropriation, for the purpose of providing financial assistance to small businesses in response to a disaster declaration as provided by this subchapter. The office shall administer the fund. The office may establish separate accounts in the fund. The fund and the fund’s accounts are kept and held by the trust company in escrow and in trust for and in the name of the office. The office has legal title to money and investments in the fund until money is disbursed from the fund as provided by this subchapter and office rules.
(b) Money deposited to the credit of the fund may be used only as provided by this subchapter.
Terms Used In Texas Government Code 481.606
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Statute: A law passed by a legislature.
(c) The fund consists of:
(1) money transferred or deposited to the credit of the fund by law, including money from any source transferred or deposited to the credit of the fund at the office’s discretion as authorized by law;
(2) the proceeds of any fee or tax imposed by this state that by statute is dedicated for deposit to the credit of the fund;
(3) any other revenue that the legislature by statute dedicates for deposit to the credit of the fund; and
(4) investment earnings and interest earned on amounts credited to the fund.