Tex.
Gov't Code Section 2305.032
Loanstar Revolving Loan Program
(a)
The energy office under the loanstar revolving loan program may provide loans to finance energy and water efficiency measures for public facilities.(b)
The energy office shall determine the terms under which a loan may be made under this section and shall set the interest rate for a loan at a low rate that the energy office determines is sufficient to recover the cost of administering the loan program.(c)
Repealed by Acts 2003, 78th Leg., ch. 1310, Sec. 121(16).(d)
Any borrower that receives a loan under this section shall repay the principal of and interest on the loan from the value of energy savings that accrues as the result of the energy conservation measure implemented with the borrowed money.(e)
An institution that receives a loan under this section shall repay the loan from the amount budgeted for the agency’s or institution’s energy costs. Until the loan is repaid, the legislature may not reduce the amount budgeted for those energy costs to reflect the value of energy savings that accrues as a result of the energy conservation measure implemented with the borrowed money.(f)
The energy office shall allocate at least $95 million, including loan commitments and cash on hand, to the loanstar program and shall administer the funds under its control in a manner that assures that funds available to the loanstar program equal or exceed $95 million at all times.
Source:
Section 2305.032 — Loanstar Revolving Loan Program, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.2305.htm#2305.032 (accessed Apr. 20, 2024).
