Tex. Agric. Code § 58.071 · Subchapter F. FARMER INTEREST RATE REDUCTION PROGRAM
DEFINITIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
In this subchapter:
(1) "Eligible lending institution" means a financial institution that makes commercial loans, is either a depository of state funds or an institution of the Farm Credit System, and agrees to participate in the farmer interest rate reduction program and to provide collateral equal to the amount of linked deposits placed with it.
(2) "Linked deposit" means a time deposit governed by a written deposit agreement between the state and an eligible lending institution that provides:
(A) that the eligible lending institution pay interest on the deposit at a rate that is not less than the greater of:
(i) the current market rate of a United States treasury bill or note of comparable maturity minus three percent; or
(ii) 0.5 percent;
(B) that the state not withdraw any part of the deposit before the expiration of a period set by a written advance notice of the intention to withdraw; and
(C) that the eligible lending institution agree to lend the value of the deposit to an eligible borrower at a maximum rate that is the linked deposit rate plus a maximum of one percent.
Notes and commentary — not statutory text
History
Added by Acts 2009, 81st Leg., R.S., Ch. 506 (S.B. 1016), Sec. 1.16, eff. September 1, 2009.
Amended by:
Acts 2025, 89th Leg., R.S., Ch. 709 (H.B. 43), Sec. 7, eff. June 20, 2025.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/AG/htm/AG.58.htm
- Text hash
- sha256 a1361d9088e20e085d921af4289d5232c69910091be532614c4b042128a2d4ed
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 1 provision
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