4 TAC §§30.60-30.63
The Board of Directors of the Texas Agricultural Finance
Authority (the Authority) of the Texas Department of Agriculture adopts
new §§30.60-30.63, concerning the interest reduction program for
the Young Farmer Loan Guarantee Program, without changes to the proposal
published in the September 25, 1998, issue of the
Texas Register
(23 TexReg 9673). The new sections are adopted to
implement an interest reduction program for loans guaranteed under the Authority's
Young Farmer Loan Guarantee program, as authorized by the Texas Agriculture
Code, §253.002(e). The new sections establish requirements and procedures
for participation in the interest reduction program, including criteria for
eligible participants, the rate and method of paying and to whom the interest
reduction payment will be submitted, and criteria for borrower and lender
participation in the program.
No comments were received on the proposal.
The new sections are adopted under the Texas Agriculture Code
(the Code), 253.007(e), which provides the Authority with the authority the
to adopt rules for implementation of an interest reduction program for loans
guaranteed under the Young Farmer Loan Guarantee Program.
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 November
25, 1998.
TRD-9817982
Dolores Alvarado Hibbs
Deputy General Counsel
Texas Department of Agriculture
Effective date: December 15, 1998
Proposal publication date: September 25, 1998
For further information, please call: (512) 463-7541