Texas Water Code 15.996 – Loans to Nonprofit Water Supply or Sewer Service Corporations
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(a) In addition to any other method of providing financial assistance authorized by this subchapter, the board may make financial assistance available to an applicant that is a nonprofit water supply or sewer service corporation by entering into a loan agreement with the applicant.
(b) To be eligible to receive financial assistance under this section, the applicant must:
(1) execute a promissory note for the full amount of the loan; and
(2) provide to the board an attorney’s opinion stating that the applicant has the authority to incur the debt.
Terms Used In Texas Water Code 15.996
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(c) An applicant for financial assistance under this section is not required to appoint or employ:
(1) a bond counsel; or
(2) a financial advisor.