Sec. 481.502. FINANCIAL ASSISTANCE. (a) The office and the Texas Military Preparedness Commission shall assist defense communities in obtaining financing for economic development projects that seek to address future realignment or closure of a defense base that is in, adjacent to, or near the defense community. The office shall refer the defense community to:
(1) a local economic development corporation created under the Development Corporation Act (Subtitle C1, Title 12, Local Government Code) for possible financing; or
(2) an appropriate state agency that has an existing program to provide financing for the project, including:
(A) the Texas Water Development Board; or
(B) the Texas Department of Transportation.
(b) A state agency making a loan to a defense community under this section shall evaluate the project and determine whether the project may be financed through the agency's program. The state agency has sole discretion on whether to finance the project.
(c) Expired.
Added by Acts 2003, 78th Leg., ch. 362, Sec. 1, eff. June 18, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.07, eff. April 1, 2009.
Acts 2009, 81st Leg., R.S., Ch. 43 (H.B. 2546), Sec. 16, eff. September 1, 2009.
Acts 2015, 84th Leg., R.S., Ch. 330 (S.B. 1358), Sec. 14, eff. September 1, 2015.
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