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A BILL TO BE ENTITLED
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AN ACT
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relating to eligibility for a loan under the disaster recovery loan |
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program. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 418.062, Government Code, is amended to |
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read as follows: |
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Sec. 418.062. ELIGIBILITY FOR LOAN. A political |
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subdivision may apply to the division for a loan under this |
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subchapter if: |
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(1) the political subdivision: |
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(A) is located wholly or partly in an area |
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declared to be a disaster area by the governor or the president of |
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the United States; and |
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(B) before applying to the division for a loan |
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under this subchapter: |
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(i) has submitted to the division, within |
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30 [15] days of the date of its adoption by the governing body of the |
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political subdivision, the political subdivision's operating |
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budget for the most recent fiscal year; and |
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(ii) has submitted an application for a |
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loan from the Federal Emergency Management Agency's community |
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disaster loan program; |
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(2) an assessment of damages due to the disaster for |
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which the declaration was made has been conducted in the political |
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subdivision; and |
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(3) the division, in consultation with the Federal |
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Emergency Management Agency, determines that the estimated cost to |
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rebuild the political subdivision's infrastructure damaged in the |
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disaster is greater than 50 percent of the political subdivision's |
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total revenue for the current year as shown in the most recent |
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operating budget of the political subdivision submitted to the |
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division under this section. |
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SECTION 2. The change in law made by this Act applies only |
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to an application for a loan that is filed on or after the effective |
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date of this Act. A loan application filed before that date is |
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governed by the law in effect on the date the application was filed, |
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and the former law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2023. |