| (a) Through action of the Texas Legislature and the approval of the Texas voters, the Texas Agricultural Finance Authority is authorized to issue general obligation bonds, or other indebtedness backed by the State of Texas, and revenue bonds to provide financial assistance to eligible agricultural businesses through direct loans, loans to lenders, purchasing participations in loans, loan insurance, or a loan guaranty program. (b) Effective September 1, 2009, the Texas Public Finance Authority has the exclusive authority to act on behalf of the Texas Agricultural Finance Authority in issuing debt instruments authorized to be issued by the Texas Agricultural Finance Authority. (c) A reference in law to a debt instrument issued by the Authority, in the context of a new debt instrument issued on or after September 1, 2009, means a debt instrument issued by the Texas Public Finance Authority on behalf of the Texas Agricultural Finance Authority. |
