|(a) All actions of the bank will be in accordance with
applicable federal and state law, and applicable rules and regulations.
(b) Grant financing will not be considered.
(c) The commission will ensure that the bank maintains
on a continuing basis an investment grade rating on its debt issuances
or has a sufficient level of bond or debt financing instrument insurance
to maintain the viability of the bank.
(d) The Federal Highway Administration, the Federal
Transit Administration, and the Comptroller General of the United
States, each if applicable, and the Texas State Auditor's Office,
and the department, or any of their authorized representatives, shall
have the right of access to any books, documents, papers, or other
records of the applicant which are pertinent to any agreement, in
order to make audits, examinations, excerpts, and transcripts.
(e) Federal funds received by the state under the federal
act, matching state funds in an amount required by that act, proceeds
from bonds issued under the state act, secondary funds, other state
funds deposited into the bank by order of the commission, and other
money received by the state that is eligible for deposit in the bank,
may be deposited into the bank.
(f) Financial assistance from the bank may not be used
to pay for project costs incurred before the execution of the financial
assistance agreement evidencing the financial assistance. If permissible
under state and federal law, financial assistance from the bank may
be used to pay for consultant costs, if any, incurred by the applicant
in the preparation of the application for the financial assistance
or preparation of the financial assistance agreement. However, financial
assistance from the bank may not be used to pay for costs incurred
for an application that did not result in the disbursement of financial
assistance to the applicant.
(g) Applicants requesting financial assistance from
the bank for a toll facility may also be required to comply with Chapter
27, Subchapter E of this title (relating to Financial Assistance for
Toll Facilities). If a provision of Chapter 27, Subchapter E of this
title conflicts with this chapter, this chapter controls to the extent
of the conflict.
|Source Note: The provisions of this §6.3 adopted to be effective January 8, 1998, 23 TexReg 151; amended to be effective January 5, 2006, 30 TexReg 8990; amended to be effective October 21, 2010, 35 TexReg 9361; amended to be effective June 21, 2012, 37 TexReg 4433