Part 10. TEXAS WATER DEVELOPMENT BOARD
Chapter 363. FINANCIAL ASSISTANCE PROGRAMS
Subchapter A. GENERAL PROVISIONS
Division 3. FORMAL ACTION BY THE BOARD
The Texas Water Development Board (board) adopts an amendment to §363.34, relating to criteria for listing financial guarantors acceptable to the board, without changes to the proposed text as published in the March 14, 2008, issue of the Texas Register (33 TexReg 2260) and will not be republished. The amendment adds the word "stable" after the word "triple-A" to clarify that the board will consider placement on the list of authorized financial guarantors only those entities who have attained a triple-A stable rating with Standard & Poor's, Moody's Investors Service, Inc. and Fitch, Inc.
The amendment was proposed because of recent market fluctuations related to investments by financial guarantors in certain collateralized debt obligations based on subprime mortgages. The board's purpose is to ensure the authorized list of financial guarantors for board loans have attained the highest rankings currently available by the rating agencies.
No comments were received regarding adoption of the amendment.
The amendment to §363.34 is authorized pursuant to Texas Water Code §15.005 relating to Consideration of Certain Applications relating to flood control projects from the Water Loan Assistance Program, §15.105 relating to Considerations in Passing on Applications from the Water Loan Assistance Program, §15.403 relating to rules to carry out the Research and Planning Program, §15.403 relating to rules for Water and Wastewater Financial Assistance for Disadvantaged Rural Communities, §15.958 relating to rules to administer the Colonia Self-Help Program, §15.977 relating to rules for loans from the Water Infrastructure Fund, §15.995 relating to rules necessary to administer loans from the Rural Water Assistance Fund, §16.342 relating to rules necessary to administer the economically distressed areas programs, §36.372 relating to rules necessary to administer the Groundwater District Loan Assistance Fund, and §6.190 authorizing the board to adopt rules necessary to carry out its powers and duties.
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 April 14, 2008.
TRD-200801950
Ingrid K. Hansen
Acting General Counsel
Texas Water Development Board
Effective date: May 4, 2008
Proposal publication date: March 14, 2008
For further information, please call: (512) 463-8061
Subchapter D. BOARD ACTION ON APPLICATION
The Texas Water Development Board (board) adopts an amendment to §371.53, relating to criteria for listing financial guarantors acceptable to the board, without changes to the proposed text as published in the March 14, 2008, issue of the Texas Register (33 TexReg 2261) and will not be republished. The amendment adds the word "stable" after the word "triple-A" to clarify that the board will consider placement on the list of authorized financial guarantors only those entities who have attained a triple-A stable rating with Standard & Poor's, Moody's Investors Service, Inc. and Fitch, Inc.
The amendment was proposed because of recent market fluctuations related to investments by financial guarantors in certain collateralized debt obligations based on subprime mortgages. The board's purpose is to ensure the authorized list of financial guarantors for board loans have attained the highest rankings currently available by the rating agencies.
No comments were received regarding adoption of the amendment.
The amendment to §371.53 is authorized pursuant to Texas Water Code §15.605 that requires the board to adopt necessary rules to carry out Subchapter J relating to Financial Assistance for Water Pollution Control.
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 April 14, 2008.
TRD-200801951
Ingrid K. Hansen
Acting General Counsel
Texas Water Development Board
Effective date: May 4, 2008
Proposal publication date: March 14, 2008
For further information, please call: (512) 463-8061
Subchapter A. GENERAL PROVISIONS
Division 4. BOARD ACTION ON APPLICATIONS
The Texas Water Development Board (board) adopts an amendment to §375.53, relating to criteria for listing financial guarantors acceptable to the board, without changes to the proposed text as published in the March 14, 2008, issue of the Texas Register (33 TexReg 2262) and will not be republished. The amendment adds the word "stable" after the word "triple-A" to clarify that the board will consider placement on the list of authorized financial guarantors only those entities who have attained a triple-A stable rating with Standard & Poor's, Moody's Investors Service, Inc. and Fitch, Inc.
The amendment was proposed because of recent market fluctuations related to investments by financial guarantors in certain collateralized debt obligations based on subprime mortgages. The board's purpose is to ensure the authorized list of financial guarantors for board loans have attained the highest rankings currently available by the rating agencies.
No comments were received regarding adoption of the amendment.
The amendment to §375.53 is authorized pursuant to Texas Water Code §15.601 which authorizes the creation of the state water pollution control revolving fund and which authorizes the board to administer the fund through rules adopted by the board. This amendment is a rule necessary to administer the fund. Additionally, Texas Water Code §15.603(f) relating to the creation and administration of the revolving fund program authorizes the board to administer the fund in the manner provided by the rules of the board. Finally, Texas Water Code §15.605 requires the board to adopt necessary rules to carry out subchapter J relating to Financial Assistance for Water Pollution Control.
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 April 14, 2008.
TRD-200801952
Ingrid K. Hansen
Acting General Counsel
Texas Water Development Board
Effective date: May 4, 2008
Proposal publication date: March 14, 2008
For further information, please call: (512) 463-8061