Requirements For Loan Or Grant

Sec. 21.105. REQUIREMENTS FOR LOAN OR GRANT. (a) The commission may not approve a loan that bears interest of less than three percent annually or that has a term that exceeds 20 years. (b) Before approving a loan or grant, the commission shall require that: (1) the airport or facility remain in the control of each political subdivision involved for at least 20 years; (2) the political subdivision disclose the source of all funds for the project and the political subdivision's ability to finance and operate the project; (3) at least: (A) 10 percent of the total project cost be provided by sources other than the state; or (B) if the airport is located in an economically disadvantaged county, as defined by Section 222.053, five percent of the total project cost be provided by sources other than the state; and (4) the project be adequately planned. Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995. Amended by: Acts 2025, 89th Leg., R.S., Ch. 663 (H.B. 4520), Sec. 1, eff. September 1, 2025.