(a) An entity that receives a loan under this subchapter shall repay the loan according to terms specified by the commission.
(b) An entity that receives a loan under this subchapter shall submit to the department the annual operating and capital budgets adopted by the governing body of the entity for each fiscal year that a loan under this subchapter is outstanding and any amended or supplemental operating or capital budget approved by the governing body of the entity. Such a document must be certified as correct by the entity's chief administrative officer or chief financial officer. The entity shall deliver the document to the department within 30 days of the date of its adoption or approval.
(c) For any debt payable from the same revenue source as that used to repay a loan under this subchapter, the entity that receives the loan, within 30 days after the date that the entity submits to the Electronic Municipal Market Access System (EMMA) of the Municipal Securities Rulemaking Board a notice of a material event required to be disclosed under Rule 15c2-12 of the United States Securities and Exchange Commission (17 C.F.R. §240.15c2-12), shall submit to the department a written document that states that the entity has made the submission to EMMA.

Source Note: The provisions of this §15.260 adopted to be effective October 17, 2018, 43 TexReg 6848