Sec. 481.192. LINKED DEPOSIT

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A linked deposit is a time deposit governed by a written deposit agreement between the state and an eligible lending institution that provides:
(1) that the eligible lending institution pay interest on the deposit at a rate that is not less than the greater of:
(A) the current market rate of a United States treasury bill or note of comparable maturity minus two percent; or
(B) 1.5 percent; and
(2) that the eligible lending institution agree to lend the value of the deposit to an eligible borrower at a maximum rate that is the current market rate of a United States treasury bill or note of comparable maturity plus four percent.

Added by Acts 1993, 73rd Leg., ch. 689, Sec. 1, eff. Aug. 30, 1993.

                    
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