Tex. Water Code § 17.908
Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
If the board approves an application of an eligible lending institution, the board and the eligible lending institution shall enter into a written deposit agreement. The agreement shall contain the conditions on which the linked deposit is made. On execution of the agreement, the board shall place a linked deposit from the fund with the eligible lending institution in accordance with the agreement. A delay in payment or a default on a loan by an applicant does not affect the validity of the deposit agreement.
Tex. Water Code § 17.908