(a) Form of agreement. An agreement evidencing a loan may be in the form of:
  (1) a contract or similar document;
  (2) a bond, note, or other obligation issued by the applicant; or
  (3) a loan structure similar to a line of credit.
(b) Negotiation of terms. The executive director will negotiate the terms of an agreement as necessary to comply with any requirements of commission approval. An agreement must include the terms required by this subchapter and by Transportation Code, §56.003(a), as applicable to a particular project, and may include other terms.
(c) Prepayments. Principal and interest may be prepaid. The agreement will provide the prepayment terms.

Source Note: The provisions of this §15.262 adopted to be effective October 12, 2022, 47 TexReg 6616