Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter A - FINANCIAL ASSISTANCE RULES › Section 28.2 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
In addition to the definitions set forth in Texas
					 Agriculture Code, §
										RSA
					 58.002, the following words and terms, when
					 used in this chapter, shall have the following meanings, unless the context
					 clearly indicates otherwise. Definitions applicable to specific programs may be
					 included within the applicable subchapter.
(1) Act--The Texas Agricultural Finance Act,
				  Texas Agriculture Code, Chapter 58, as amended.
(2) Agricultural business--A business that is
				  or proposes to be engaged in producing, processing, marketing, or exporting of
				  an agricultural product, that is the entity designated to carry out the boll
				  weevil eradication program in accordance with the Texas Agriculture Code,
				  §
										RSA
				  74.1011, that is or proposes to be engaged in
				  an agricultural-related business in rural areas of Texas, including a business
				  that provides recreational activities associated with the enjoyment of nature
				  or the outdoors on agricultural land, or a state agency or an institution of
				  higher education that is engaged in producing an agricultural
				  product.
(3) Agricultural
				  Product--An agricultural, horticultural, viticultural, or vegetable product,
				  bees, honey, fish or other seafood, planting seed, livestock, a livestock
				  product, a forestry product, poultry, or a poultry product, either in its
				  natural or processed state, or any other agricultural product approved by the
				  Authority, that has been produced, processed, or otherwise had value added to
				  it in this state.
(4)
				  Applicant--Any person, corporation, partnership, cooperative, joint venture,
				  sole proprietorship, the entity designated to carry out the boll weevil
				  eradication in accordance with Texas Agriculture Code, §
										RSA
				  74.1011, or a state agency or institution of
				  higher education filing an application with the Authority for financial
				  assistance under any program under this chapter. A lender may submit an
				  application for any of the above-mentioned parties.
(5) Application--An application promulgated
				  and approved by the Texas Agricultural Finance Authority Board of Directors,
				  including supporting documentation and schedules as required by the Authority,
				  for participation in the programs under this chapter.
(6) Authority--The Texas Agricultural Finance
				  Authority.
(7) Board--The board of
				  directors of the Authority.
(8)
				  Business day--A day on which the department is open for business. The term
				  shall not include Saturday, Sunday, or a traditional holiday officially
				  observed by the state. The department's normal business hours are 8:00 a.m. to
				  5:00 p.m. each business day.
(9)
				  Compliance report--A copy of the final loan documents.
(10) Comptroller--The Texas Comptroller of
				  Public Accounts.
(11) Current
				  market rate--The rate of interest on a United States treasury bill or note, the
				  maturity date of which most closely matches the maturity date of the loan, or
				  the end of the current biennium of the State, whichever is sooner, as
				  determined by reference to the United States treasury bill or note section of
				  the Wall Street Journal or equivalent publication including an electronic
				  publication, published on the day the loan is priced.
(12) Default--The failure to perform an
				  obligation established by the loan agreement, these rules or the Act.
(13) Deputy Commissioner--The Deputy
				  Commissioner of the Texas Department of Agriculture.
(14) Equity--The applicant's contribution to
				  a project in the form of cash, land, or other depreciable property.
(15) Fund--The Texas agricultural
				  fund.
(16) Lender--A financial
				  institution that makes commercial loans and is either a depository of state
				  funds or an institution of the Farm Credit System headquartered in this state
				  including a bank, banking association, savings bank, trust company, mortgage
				  company, investment banker, credit union, underwriter, life insurance company,
				  or any affiliate of those entities, and also including any other financial
				  institution or governmental agency that customarily provides financing of
				  agricultural loans or mortgages, or any affiliate of such an institution or
				  agency, or any institution that the board determines is an experienced and
				  sophisticated financial institution that agrees to participate in a financial
				  program under this chapter.
(17)
				  Loan guarantee amount--With respect to loans made by a lender and guaranteed by
				  the Authority, a sum measured in terms of United States dollars that the
				  Authority pays to the lender to acquire an undivided interest in any loan or,
				  in the case of default by the borrower, the Authority agrees to pay to the
				  lender, not to exceed the percentage as stated in the guaranty
				  agreement.
(18) Programs--Any
				  financial assistance program approved by the Authority board and defined by the
				  rules under this chapter.
(19)
				  Project--An enterprise which would further the expansion or development of
				  production, processing, marketing or exporting of Texas agricultural products
				  or other agricultural-related rural economic development projects.
(20) Qualified application--A completed
				  application, including all documents and information required by the Authority
				  and submitted by the lender or applicant, for participation in a program under
				  this chapter.
(21) Rural--A
				  municipality with a population of less than 50,000.
(22) Staff--The staff of the Authority or
				  staff of the department performing work for the Authority.
(23) State--The State of
				  Texas.