Texas Administrative Code

Texas Administrative Code

TITLE 31	NATURAL RESOURCES AND CONSERVATION
PART 10	TEXAS WATER DEVELOPMENT BOARD
CHAPTER 371	DRINKING WATER STATE REVOLVING FUND
SUBCHAPTER B	FINANCIAL ASSISTANCE
RULE §371.14	Lending Rates

(d) Variable rates. The interest rate for DWSRF variable rate debt under this chapter will be set at a rate equal to the actual interest cost paid by the Board on its outstanding variable rate debt plus the cost of maintaining the variable rate debt in the DWSRF. Variable rate debt is required to be converted to long-term fixed rate financing within 90 days of project completion unless an extension is approved in writing by the executive administrator. Within the time limits set forward in this subdivision, borrowers may request to convert to a long-term fixed rate at any time, upon notification to the executive administrator and submittal of a resolution requesting such conversion. The fixed lending rate will be calculated under the procedures and requirements of subsections (b) and (c) of this section.

(e) NPNC borrowers. NPNC borrowers that issue tax-exempt obligations and that operate community/non-community water systems will receive interest rates pursuant to subsections (b) - (d) of this section.

(f) Adjustments. The executive administrator may adjust a borrower's interest rate at any time prior to closing as a result of a change in the borrower's credit rating.

Source Note: The provisions of this §371.14 adopted to be effective August 4, 2010, 35 TexReg 6680; amended to be effective January 9, 2012, 36 TexReg 9336; amended to be effective July 30, 2012, 37 TexReg 5602; amended to be effective July 4, 2016, 41 TexReg 4844; amended to be effective March 18, 2019, 44 TexReg 1443; amended to be effective June 10, 2020, 45 TexReg 3863