| (a) The board may use the funds for financial assistance
to eligible political subdivisions as follows:
(1) to make a loan to an eligible political subdivision
at or below market interest rates for a flood project;
(2) to make a grant or loan at or below market interest
rates to an eligible political subdivision for a flood project to
serve an area outside of a metropolitan statistical area in order
to ensure that the flood project is implemented;
(3) to make a loan at or below market interest rates
for planning and design costs, permitting costs, and other costs associated
with state or federal regulatory activities with respect to a flood
project;
(4) to make a grant to an eligible political subdivision
to provide matching funds to enable the eligible political subdivision
to participate in a federal program for a flood project;
(5) to make a grant to an eligible political subdivision
for a flood project if the board determines that the eligible political
subdivision does not have the ability to repay a loan;
(6) to meet matching requirements for projects funded
partially by federal money; and
(7) to make a loan to an eligible political subdivision
below market interest rates and under flexible repayment terms, including
a line of credit or loan obligation with early repayment terms, to
provide financing for the local share of a federally authorized ship
channel improvement project.
(b) The board may also use the fund to make transfers
to the research and planning fund created under Texas Water Code Section
15.402, which may be used to provide money for flood control planning,
as described in Texas Water Code Chapter 15, Subchapter F and 31 Texas
Administrative Code Chapter 355.
(c) The board reserves the right to limit the amount
of funding available to an individual entity.
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