Tex. Transportation Code § 56.003
This is the official text of Tex. Transportation Code § 56.003, part of Texas’s Transportation Code — governs vehicles, drivers, and roadways.
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§ 56.003. REVOLVING LOAN PROGRAM.
Official statutory text
(a) The commission by rule shall establish a revolving loan program to use money from the fund to enhance the financing capabilities of entities responsible for the local share of qualified project costs by providing revenue or security for:
(1) low-interest loans;
(2) longer repayment terms for loans; and
(3) flexible loan repayment terms, including:
(A) loan structures similar to a line of credit; and
(B) authorized prepayment of loans in advance of the loan's stated maturity date.
(b) To be a qualified project, a project must:
(1) deepen or widen a ship channel;
(2) be authorized by the United States Congress; and
(3) meet any other standards provided by commission rule.
(c) A project for maintenance dredging is not a qualified project under this section.
(1) low-interest loans;
(2) longer repayment terms for loans; and
(3) flexible loan repayment terms, including:
(A) loan structures similar to a line of credit; and
(B) authorized prepayment of loans in advance of the loan's stated maturity date.
(b) To be a qualified project, a project must:
(1) deepen or widen a ship channel;
(2) be authorized by the United States Congress; and
(3) meet any other standards provided by commission rule.
(c) A project for maintenance dredging is not a qualified project under this section.
Status: in_force · Read it on the official government site
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