PART 1. TEXAS DEPARTMENT OF AGRICULTURE
CHAPTER 28. TEXAS AGRICULTURAL FINANCE AUTHORITY
SUBCHAPTER G. RURAL ECONOMIC DEVELOPMENT FINANCE PROGRAM
4 TAC §§28.70 - 28.80, 28.83 - 28.87
The Texas Agricultural Finance Authority (Authority), a public authority within the Texas Department of Agriculture (Department) adopts new Title 4, Part 1, Chapter 28, Subchapter G, §§28.70 - 28.80 and 28.83 - 28.87, to the Texas Administrative Code, providing rules for the establishment, implementation, and administration of the Rural Economic Development Finance Program. The rules are adopted without changes to the proposed text as published in the March 18, 2022, issue of the Texas Register (47 TexReg 1359) and will not be republished.
Under this new program, the Authority is offering two new types of loans, Texas Rural Community Loans; and Agriculture and Community Economic Development Loans, to provide financial assistance to eligible entities, including agricultural businesses and other rural economic development projects. The rules delineate specific standards of eligibility, application requirements and procedures, and application evaluation criteria, and addresses loan transactions, including commitments, collateral administration, and default procedures.
No comments on the proposed rules were received.
The rules are adopted pursuant to §12.016 of the Texas Agriculture Code (Code), which authorizes the Department to adopt rules as necessary for the administration of its powers and duties under the Code, and §§58.022(1) and 58.023 of the Code, which further authorizes the Authority to adopt and enforce bylaws, rules, and procedures in order to carry out its functions under Chapter 58 of the Code.
The agency certifies that legal counsel has reviewed the adoption and found it to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on April 28, 2022.
Assistant General Counsel
Texas Department of Agriculture
Effective date: May 18, 2022
Proposal publication date: March 18, 2022
For further information, please call: (512) 936-9360