Texas Water Code 17.904 – Linked Deposit
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Terms Used In Texas Water Code 17.904
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
A linked deposit is a deposit governed by a written deposit agreement between the board and an eligible lending institution that provides that:
(1) the eligible lending institution pay interest on the deposit at a rate determined by the board;
(2) the state not withdraw any part of the deposit before the expiration of a period set by a written advance notice of the intention to withdraw; and
(3) the eligible lending institution agree to lend the value of the deposit to a person at a maximum rate that is the rate paid by the eligible lending institution to the board plus a maximum of four percent.