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LOCAL GOVERNMENT CODE CHAPTER 501. PROVISIONS GOVERNING DEVELOPMENT CORPORATIONS <br />corporation may: <br />(1) sell bonds; or <br />(2) exchange bonds for property, labor, services, material, or <br />equipment comprising a project or incidental to the acquisition of a project. <br />Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April <br />1, 2009. <br />SUBCHAPTER F. ADMINISTRATION BY ECONOMIC DEVELOPMENT OFFICE <br />Sec. 501.251. STATE STANDARDS FOR PROJECT ELIGIBILITY. The economic <br />development office shall adopt rules providing minimum standards for project <br />eligibility. <br />Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April <br />1, 2009. <br />Sec. 501.252. STATE STANDARDS AND GUIDELINES FOR LEASE, SALE, OR LOAN <br />AGREEMENTS. (a) The economic development office shall adopt rules: <br />(1) providing minimum standards for lease, sale, and loan agreements <br />entered into under this subtitle; and <br />(2) providing guidelines with respect to the business experience, <br />financial resources, and responsibilities of the lessee, purchaser, or borrower <br />under a lease, sale, or loan agreement entered into under this subtitle. <br />(b) The economic development office may adopt rules governing the terms of <br /> a loan made by a corporation to a bank or other lending institution the <br />proceeds of which are reloaned as permanent or temporary financing of a project. <br />Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April <br />1, 2009. <br />Sec. 501.253. RULES FOR SMALL BUSINESS PROGRAMS. The economic development <br /> office shall adopt rules governing programs for small businesses receiving <br />loans guaranteed wholly or partly by the United States Small Business <br />Administration or another federal agency. <br />Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April <br />1, 2009. <br />Sec. 501.254. FILING OF RULES AND GUIDELINES WITH SECRETARY OF STATE. <br />Rules and guidelines adopted by the economic development office and amendments <br />to the rules and guidelines take effect only after the filing of the rules and <br />guidelines or amendments with the secretary of state. <br />http://www.statutes.legis.state.tx.us/Docs/LG/htm/LG.501.htm\[9/22/2014 3:35:01 PM\] <br /> <br />