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RULE §367.2Definitions

The following words and terms, when used in this chapter, shall have the following meanings, unless the context clearly indicates otherwise.

  (1) Board--The six-member Texas Water Development Board.

  (2) Conservation program--A program that is:

    (A) an agricultural water conservation technical assistance program, including a program for an on-farm soil and water conservation plan developed jointly by a landowner, an operator, and a local soil and water conservation district as provided by Subchapter H, Chapter 201, Agriculture Code;

    (B) a research, demonstration, technology transfer, or educational program relating to agricultural water use and conservation;

    (C) a precipitation enhancement program in an area of the state where the program, in the board's judgment, would be most effective;

    (D) administered by a state agency that provides funding to a political subdivision or person for a conservation project; or

    (E) administered by a political subdivision that provides loans to a person for a conservation project.

  (3) Conservation project--A project that:

    (A) improves water use efficiency of water delivery and application on existing irrigation systems;

    (B) prepares irrigated land for conversion to dryland conditions;

    (C) prepares dryland for more efficient use of natural precipitation;

    (D) purchases and installs on public or private property devices designed to indicate the amount of water withdrawn for irrigation purposes; or

    (E) prepares and maintains land to be used for brush control activities in areas of the state where those activities in the board's judgment would be most effective, including activities conducted under Chapter 203, Agriculture Code.

  (4) Construction--The actual construction, alteration, or repair of a fixed improvement to real property requiring the preparation of plans, designs or drawings that are required to be prepared by an professional engineer licensed in the State of Texas.

  (5) Eligible cost--Costs of the capital equipment, materials, labor, preparation, installation, or administration directly associated with implementing and completing a conservation program or project.

  (6) Eligible lending institution--a financial institution that makes commercial loans, is either a designated depository of state funds by the Texas comptroller of public accounts, herein referred to as a state depository, or an institution of the Farm Credit System headquartered in this state, and agrees to participate in a linked deposit program established under Water Code §17.905 and is willing to agree to provide collateral equal to the amount of linked deposits placed with it.

  (7) Executive administrator--The executive administrator of the Texas Water Development Board, or an authorized representative of the executive administrator.

  (8) Fund--The agricultural water conservation fund authorized by Section 50-d, Article III, of the Texas Constitution.

  (9) Linked Deposit--a deposit governed by a linked deposit agreement between the board and an eligible lending institution that requires that:

    (A) the eligible lending institution pay interest to the board on the deposit at a rate equal to the asking yield for a U.S. Treasury note with a twelve-month maturity as of the date five days preceding the submission of all the documents required of the eligible lending institution to the executive administrator requesting a linked deposit agreement;

    (B) the state not withdraw any part of the deposit except as according to the terms of the linked deposit agreement and the terms of this division; and

    (C) the eligible lending institution agree to lend the value of the deposit to a person at a rate not to exceed the interest paid by the eligible lending institution to the board plus four percent;

  (10) Linked Deposit Agreement--a written agreement between the board, acting through the executive administrator, and an eligible lending institution providing for the deposit by the board of an amount of money from the fund with the eligible lending institution executed pursuant to the authority and according to the conditions of this chapter.

  (11) Person--An individual, corporation, partnership, association, or other legal entity that is not a political subdivision.

  (12) Pledged security--Means the securities authorized by these rules and the linked deposit agreement to secure the board's deposit of funds with the eligible lending institution.

  (13) Political subdivision--Includes a municipality, county, district or authority created under the Texas Constitution Article III, Section 52, or Article XVI, Section 59, an institution of higher education as defined by §61.003, Education Code, any interstate compact commission to which the state is a party, and any nonprofit water supply corporation created and operating under Texas Water Code Chapter 67.

Source Note: The provisions of this §367.2 adopted to be effective March 9, 2004, 29 TexReg 2362; amended to be effective July 6, 2004, 29 TexReg 6348; amended to be effective May 9, 2005, 30 TexReg 2680

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