To the extent authorized by Water Code §17.899, the board may use money in the fund to:
  (1) provide a grant to a state agency to pay the eligible costs for a conservation program or conservation project, including a conservation program that provides funding to a political subdivision or person for a conservation project;
  (2) provide a grant or loan to a political subdivision to pay the eligible costs for a conservation program or conservation project; and
  (3) provide a linked deposit to an eligible lending institution for a loan to a person for a conservation project pursuant to the terms of §§367.15 - 367.20 of this chapter.

Source Note: The provisions of this §367.3 adopted to be effective March 9, 2004, 29 TexReg 2362; amended to be effective July 6, 2004, 29 TexReg 6348