| (a) An entity that receives a loan under this subchapter
shall repay the loan according to terms specified by the commission.
(b) An entity that receives a loan under this subchapter
shall submit to the department the annual operating and capital budgets
adopted by the governing body of the entity for each fiscal year that
a loan under this subchapter is outstanding and any amended or supplemental
operating or capital budget approved by the governing body of the
entity. Such a document must be certified as correct by the entity's
chief administrative officer or chief financial officer. The entity
shall deliver the document to the department within 30 days of the
date of its adoption or approval.
(c) For any debt payable from the same revenue source
as that used to repay a loan under this subchapter, the entity that
receives the loan, within 30 days after the date that the entity submits
to the Electronic Municipal Market Access System (EMMA) of the Municipal
Securities Rulemaking Board a notice of a material event required
to be disclosed under Rule 15c2-12 of the United States Securities
and Exchange Commission (17 C.F.R. §240.15c2-12), shall submit
to the department a written document that states that the entity has
made the submission to EMMA.
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