ECONOMICALLY DISTRESSED AREAS PROGRAM ACCOUNT

(a) The Texas Water Development Fund II economically distressed areas program account, referred to as the "economically distressed areas program account," is an account established within the fund in the state treasury. Transfers shall be made from this account as provided by this subchapter. (b) The economically distressed areas program account is composed of: (1) money and assets attributable to water financial assistance bonds designated by the board as issued for projects described in Subchapter K; (2) money provided by the federal government, the state, political subdivisions, and private entities for the purpose of paying debt service on water financial assistance bonds issued for purposes provided by Subchapter K; (3) payments received under a bond enhancement agreement with respect to water financial assistance bonds designated by the board as issued for purposes provided by Subchapter K; (4) investment income earned on money on deposit in the economically distressed areas program account; and (5) any other funds, regardless of their source, that the board directs be deposited to the credit of the economically distressed areas program account. (c) Money on deposit in the economically distressed areas program account may be used by the board for purposes provided by Subchapter K in the manner that the board determines necessary for the administration of the fund.