Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter G - RURAL ECONOMIC DEVELOPMENT FINANCE PROGRAM › Section 28.72 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
In addition to the definitions set forth in Texas
					 Agriculture Code, § 58.002 and §
										RSA 28.2 of this
					 chapter (relating to Definitions), the following words and terms, when used in
					 this subchapter, shall have the following meanings, unless the context clearly
					 indicates otherwise.
(1) Applicant--Any
				  entity recognized by state law to conduct business in the state of Texas
				  including for-profit and non-profit entities, political subdivision, or
				  economic development corporation submitting an application with the Authority
				  for a financial assistance under this subchapter.
(2) Commitment--Any form of financial
				  assistance provided to an applicant as approved by the board, including, but
				  not limited to, a guaranty, a direct loan, a participation commitment, an
				  anticipation note, or a conduit issuance for a political subdivision or any
				  other eligible entity as defined by this subchapter.
(3) Economic Development Corporation
				  (EDC)--An entity created pursuant to the Development Corporation Act of 1979,
				  which gives cities the ability to raise funds and finance economic and
				  community development efforts through the creation of economic development
				  corporations (EDCs). Chapters 501, 504 and 505 of the Local Government Code
				  define the scope of EDCs. A Type A EDC is governed by Chapter 504; and a Type B
				  EDC is governed by Chapter 505.
(4)
				  Eligible application--A completed application, including all application fees,
				  documents, and information required by the Authority and submitted by the
				  lender or applicant for a project, that is consistent with the purpose of
				  agricultural and rural economic development and meets the terms and benchmarks
				  defined by the Authority's Credit Policy and Procedures. The Department, the
				  Authority, or the Authority's representative will review the application and
				  issue an approval or denial.
(5)
				  For-profit entity--An organization that is registered in the state of Texas and
				  has a principal place of business in Texas, which operates with the intention
				  of making a profit or whose efforts are made to obtain a profit.
(6) Interest rate--The interest rate approved
				  by the Authority for an approved commitment.
(7) Lender--A lending institution, including
				  a bank, trust company, banking association, savings bank, mortgage company,
				  investment banker, credit union, Community Development Financial Institution,
				  or any affiliate of those entities, and any other financial institution that
				  customarily provides financing for agricultural businesses or rural economic
				  development loans, or any affiliate of such institution.
(8) Non-profit entity--A local, community or
				  regional organization that was formed and conducts its affairs to benefit the
				  public or to assist other individuals, groups or causes, and can demonstrate
				  its non-profit status by providing one of the following:
(A) A copy of the Internal Revenue Service
				  ruling, indicating tax-exempt status;
(B) A copy of the Texas secretary of state
				  charter indicating non-profit status; or
(C) Documentation of its status as an
				  educational institution recognized by the State of Texas.