Texas Agriculture Code
§ 12.0273 — LIMITATIONS ON LOANS AND GRANTS FROM TEXAS ECONOMIC DEVELOPMENT FUND
AG § 12.0273Title 2. DEPARTMENT OF AGRICULTURE · Ch. 12. POWERS AND DUTIES
Statute text
View on source(a)The department may use money in the Texas economic development fund only to make loans and grants in the manner provided by this section for the purposes provided by Section 12.0272(b).
(b)The recipient of a grant using money from the fund must provide matching funds in an amount equal to 25 percent of the amount of the grant.
(c)The term of a loan made using money from the fund may not exceed 20 years.
(d)The department shall administer the fund as a perpetual source of financing for loans and grants under this section. The department shall use payments of principal and interest to make additional loans and grants. Subject to Subsection (f), the department may use any money in the fund to make additional loans and grants.
(e)The cumulative amount of grants to any person using money from the fund may not exceed $1 million. (e-1) The maximum aggregate amount of outstanding loans to any one person at any time using money from the fund may not exceed $1 million.
(f)The department shall retain in the fund in the state treasury an amount of money equal to at least 25 percent of the amount of money in the fund on January 1, 2017.
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Legislative history
Acts 2025, 89th Leg., R.S., Ch. 346 (H.B. 2765), Sec. 3, eff. September 1, 2025.