Texas Register, Volume 37, Number 30, Pages 5519-5676, July 27, 2012 Page: 5,602
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(6) that the rural community covenants to comply with all
applicable state and federal environmental requirements prior to the
initiation of construction and any mitigation which might be required
after construction;
(7) that the rural community will apply any unused funds
to the repayment of loan principal; in inverse order of maturity or in a
manner as approved by the executive administrator;
(8) that the rural community shall maintain current, accu-
rate and complete records and accounts in accordance with generally
accepted accounting principles necessary to demonstrate compliance
with financial assistance related legal and contractual provisions; and
(9) any additional conditions that may be imposed by the
board or requested by the executive administrator.
(c) Bonds. If bonds are issued, the documents which shall be
submitted by the time of closing shall comply with the requirements of
363.42 of this title (relating to Loan Closing).
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's
legal authority.
Filed with the Office of the Secretary of State on July 10, 2012.
TRD-201203543
Kenneth L. Petersen
General Counsel
Texas Water Development Board
Effective date: July 30, 2012
Proposal publication date: June 1, 2012
For further information, please call: (512) 463-8061
CHAPTER 371. DRINKING WATER STATE
REVOLVING FUND
The Texas Water Development Board (TWDB) adopts amend-
ments to 31 TAC Chapter 371, concerning the Drinking Water
State Revolving Fund. Specifically, the TWDB adopts amend-
ments to 371.1, concerning Definitions; 371.13, concerning
Pre-Design Funding Option; 371.14, concerning Lending
Rates; 371.15, concerning Fees of Financial Assistance;
371.16, concerning Term of Loan; 371.18, concerning Fi-
nancial Guarantees for Political Subdivision Bonds; 371.21,
concerning Rating Process; 371.22, concerning Public No-
tice; 371.23, concerning Criteria and Methods for Distribution
of Funds; the addition of 371.24, concerning Changes to
Project; 371.30, concerning Pre-Application Conferences;
371.31, concerning Timeliness of Application and Required
Application Information; 371.33, concerning Review of Ap-
plications to Refinance Existing Debt; 371.35, concerning
Board Approval of Funding; 371.40, concerning Definitions;
371.41, concerning Environmental Review Process; 371.46,
concerning Types of Environmental Determinations: Record
of Decision; 371.47, concerning Environmental Impact State-
ments; 371.48, concerning Environmental Impact Statement:
Applicant Requirements; 371.60, concerning Engineering
Feasibility Report; 371.61, concerning Contract Documents:
Review and Approval; 371.62, concerning Advertising and
Awarding Construction Contracts; 371.70, concerning Loans
Secured by Bonds or Other Authorized Securities; 371.71,
concerning Loans Secured by Promissory Note and Deeds of
Trust; 371.72, concerning Disbursement of Funds; 371.73,concerning Surplus Funds; 371.81, concerning Alterations
During Construction; 371.83, concerning As Built Plans;
371.85, concerning Final Accounting; 371.88, concerning Re-
sponsibilities of Applicant; and 371.89, concerning Authority of
the Executive Administrator. Sections 371.13, 371.15, 371.16,
371.18, 371.21, 371.24, 371.30, 371.35, 371.40, 371.46,
371.48, 371.61, 371.62, 371.73, 371.81, 371.83, 371.85,
371.88, and 371.89 are adopted without changes to the pro-
posed text as published in the June 1, 2012, issue of the Texas
Register (37 TexReg 3991). Sections 371.1, 371.14, 371.22,
371.23, 371.31, 371.33, 371.41, 371.47, 371.60, and 371.70
- 371.72 are adopted with changes outlined in a correction of
error notice published in the June 15, 2012, issue of the Texas
Register (37 TexReg 4469).
DISCUSSION OF THE ADOPTED AMENDMENTS
The TWDB adopts these amendments to modify the existing fi-
nancial assistance application invitation process, clarify limits for
project cost increases, modify definitions for escrow accounts,
revise requirements for interest rate setting, and to provide con-
sistency with 31 TAC Chapter 375, concerning the Clean Water
State Revolving Fund, where appropriate.
Criteria and Methods for Distribution of Funds and Changes to
Project
The TWDB adopts the amendment to 371.23 in order to expand
the pool of potential applicants and alter the existing timeframes
allowing the submission of applications for financial assistance.
Changes to the invitation process will utilize an Invited Projects
List (IPL) which will allow project funding requests to exceed the
amount of funds available, eliminate the 30-day period for intent
to apply for funds, and allow entities on the IPL to submit appli-
cations on a first-come first-serve basis until all available funds
are committed. Applications that are administratively complete
and have all components necessary for review will be processed
for commitment as funds are available. Because the applica-
tion process will be competitive, applicants will be encouraged to
proceed efficiently through the application process to receive in-
centives such as additional subsidy before funds are exhausted.
The amendment will help TWDB reduce processing time for in-
vitations and loan commitments in an effort to distribute funds
more expeditiously and ensures that funds are awarded to ap-
plicants that are fully prepared and ready to proceed.
The amendment to 371.24 describes the 10% limit on increases
in the project costs listed in the adopted IUP that an applicant
may request and provides the Executive Administrator discretion
to waive the 10% limit for project cost increases that incorporate
additional effective management elements for the project.
Financial Assistance Secured by Bonds or Other Authorized Se-
curities and Lending Rates
The amendments to Chapter 371 also include modifications re-
garding requirements for escrow accounts in which TWDB finan-
cial assistance funds are deposited in escrow. Furthermore, the
TWDB adopts the amendment to 371.14 allowing interest rates
to be set according to the Municipal Market Data (MMD) scale,
which is provided by Thomson Reuters.
Consistency
Furthermore, the amendments are adopted to update and revise
terminology for clarity and consistency across 31 TAC Chapter
371 and Chapter 375.
PUBLIC COMMENTS37 TexReg 5602 July 27, 2012 Texas Register
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Texas. Secretary of State. Texas Register, Volume 37, Number 30, Pages 5519-5676, July 27, 2012, periodical, July 27, 2012; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth243959/m1/82/: accessed March 19, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.