Texas Water Code 17.906 – Application by Eligible Lending Institutions to Participate in Linked Deposit Program
Terms Used In Texas Water Code 17.906
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
To participate in the agricultural water conservation linked deposit program, an eligible lending institution must:
(1) solicit loan applications, which must contain a description of an agricultural water conservation project;
(2) review applications to determine if applicants are eligible and creditworthy; and
(3) submit the applications of eligible and creditworthy applicants to the executive administrator with a certification:
(A) of the interest rate applicable to each applicant by the eligible lending institution; and
(B) of the soil and water conservation district in which an applicant is located by a director of the district that states that:
(i) the applicant of the proposed project has a soil and water conservation plan approved by the district; and
(ii) the project furthers or implements the plan.