In administering the funds provided by the initial RED C4T investment, the Recipient:
  (1) Shall administer the funds in accordance with the Agreement approved by the Department and the Recipient, applicable statutes, and program rules;
  (2) Must mobilize the RED C4T funds in a timely manner to ensure the initial investment is meeting the objectives of the RED C4T Program;
  (3) Shall submit all loan and grant applications for approval by the Department;
  (4) Shall certify that all loans and grants funded with the RED C4T investment meet the eligibility requirements of this subchapter; and
  (5) May make loans to new borrowers using funds generated from loan repayments received by the Recipient as a result of loans made by the Recipient under the Agreement; however, no new loans may be made after the Investment Period in the Agreement has expired or terminated.

Source Note: The provisions of this §29.30 adopted to be effective December 29, 2020, 45 TexReg 9409