SUBCHAPTER OO. RURAL VETERINARIAN INCENTIVE PROGRAM ACCOUNT

Sec. 61.9965. RURAL VETERINARIAN INCENTIVE PROGRAM ACCOUNT. (a) The Texas Higher Education Coordinating Board shall administer the rural veterinarian incentive program account in accordance with Subchapter G, Chapter 56, to provide assistance in the repayment of student loans for eligible veterinarians who apply and qualify for the assistance under the rules of the Texas Animal Health Commission rural veterinarian incentive program committee.

(b) The rural veterinarian incentive program account is an account in the general revenue fund. The account is composed of:

(1) gifts, grants, in-kind contributions, or real or personal property contributed to the account from any individual, group, association, or corporation or the United States, subject to limitations or conditions set by law, for the purposes of this subchapter;

(2) earnings on the principal of the account; and

(3) other amounts deposited to the credit of the account, including:

(A) money deposited from a community or political subdivision that qualifies under the rules authorized by Section 56.105 to become a sponsor of an eligible participant under the program; and

(B) legislative appropriations deposited to the account.

(c) Money and resources in the account shall be made available and payable as soon as practicable at the request of the Texas Animal Health Commission and may be used only for the following purposes:

(1) to provide financial support as a lump sum to an eligible participant under Subchapter G, Chapter 56, the lender or other holder of the participant's affected loan, or the participant's university system;

(2) a reasonable amount, not to exceed seven percent of the account value, to cover the costs of administration of the program; or

(3) a reasonable amount, not to exceed three percent of the account value, as specifically required for the coordinating board for administration of the account.

(d) The unexpended balance of the account at the end of a fiscal year remains in the account subject to further appropriation for the purposes described by Subsection (c).

Added by Acts 1999, 76th Leg., ch. 435, Sec. 1, eff. Aug. 30, 1999.

Transferred, redesignated and amended from Education Code, Section 88.627 by Acts 2021, 87th Leg., R.S., Ch. 459 (H.B. 1259), Sec. 4, eff. September 1, 2021.