(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 10 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.
Texas Legal Code