Texas § GV.418.064 - LOANS
Full text of Texas The Texas Constitution § GV.418.064 — LOANS, with citation guidance and answers to common questions.
§ GV.418.064. LOANS
LOANS. (a) A loan made from the account must be subject to the following conditions: (1) the loan must be made at or below market interest rates for a term not to exceed 10 years; and (2) the loan proceeds must be expended by the eligible political subdivision solely for disaster recovery projects. (b) The comptroller shall credit to the account all principal and interest payments on a loan from the account. (c) If the term of a loan from the account exceeds two years, the state auditor shall, on the second anniversary of the date on which the eligible political subdivision received the loan, conduct a limited audit of the political subdivision to determine whether the political subdivision has the ability to repay the loan under the terms of the loan. The division may forgive a loan made to an eligible political subdivision if the state auditor determines that the political subdivision is unable to repay the loan. The state auditor's participation under this subsection is subject to approval by the legislative audit committee for inclusion in the audit plan under Section 321.013 (c). Added by Acts 2019, 86th Leg., R.S., Ch. 946 (S.B. 6 ), Sec. 3, eff. September 1, 2019.
Frequently Asked Questions About Texas § GV.418.064
What does The Texas Constitution § GV.418.064 cover?
Section GV.418.064 ("LOANS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § GV.418.064?
A common citation format is "The Texas Constitution § GV.418.064" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § GV.418.064 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.