| (a) Grant payments made under APPA's in which the department
is not named as the sponsor's agent, and loan payments, may be authorized
upon application to the department. Such payments will be in proportion
to the amount of the project satisfactorily completed at the time
of the payment application. No more than 90% of the total loan or
grant will be paid prior to the completion of the project and enactment
of airport hazard zoning. The last 10% of the loan or grant amount
will be paid only after the staff has inspected and approved the completed
project. No loan or grant payment will be made until:
(1) creation by the sponsor of a special airport fund
as required by Transportation Code, §22.054, into which all revenues
derived from all airport operations are to be deposited, and approval
by the department of the sponsor's resolution or order creating the
fund; and
(2) passage of an airport hazard zoning ordinance/order
approved by the department.
(b) For loan agreements, proof is made to the department
of property damage insurance for the project, naming the Texas Department
of Transportation Loan Fund as beneficiary in the total amount of
the loan, both principal and interest.
|
| Source Note: The provisions of this §30.214 adopted to be effective September 27, 1990, 15 TexReg 5366; transferred effective September 1, 1993, as published in the Texas Register August 27, 1993, 18 TexReg 5768; amended to be effective May 24, 1995, 20 TexReg 3575; amended to be effective March 15, 2017, 42 TexReg 1153 |
