Texas Agriculture Code

§ 44.001 — DEFINITIONS

AG § 44.001Title 3. AGRICULTURAL RESEARCH AND PROMOTION · Ch. 44. AGRICULTURAL DIVERSIFICATION AND MICROENTERPRISE SUPPORT PROGRAMS

Statute text

View on source

In this chapter:

(1)"Eligible lending institution" means a financial institution that makes commercial loans, is either a depository of state funds or an institution of the Farm Credit System headquartered in this state, and agrees to participate in the interest rate reduction program and to provide collateral equal to the amount of linked deposits placed with it.

(2)"Eligible borrower" means a person who proposes to use the proceeds of a loan under this chapter in a manner that will help accomplish the state's goal of fostering the creation and expansion of enterprises based on agriculture in this state.

(3)Repealed by Acts 2009, 81st Leg., R.S., Ch. 506, Sec. 1.21(1), eff. September 1, 2009.

(4)"Linked deposit" means a time deposit governed by a written deposit agreement between the state and an eligible lending institution that provides:

(A)that the eligible lending institution pay interest on the deposit at a rate that is not less than the greater of:

…

Legislative history

Acts 2009, 81st Leg., R.S., Ch. 506 (S.B. 1016), Sec. 1.01, eff. September 1, 2009. Acts 2009, 81st Leg., R.S., Ch. 506 (S.B. 1016), Sec. 1.21(1), eff. September 1, 2009.