(a) The board may provide financial assistance to political subdivisions by either purchasing bonds issued by the political subdivision or by purchasing a note and entering into a loan agreement with the political subdivision. If a political subdivision utilizes the note and loan agreement, the term of the loan shall not be more than one year.
(b) If a political subdivision executes a note and loan agreement with the board, the political subdivision is not required to engage the services of a bond counsel or a financial advisor.

Source Note: The provisions of this §363.715 adopted to be effective February 16, 1999, 24 TexReg 766