Closing a TWDB Commitment

You've received a commitment - what comes next? The closing of a TWDB commitment can appear to be overwhelming, we get it. But it doesn't have to be. Here are some helpful pointers to help navigate the process of closing your TWDB commitment.

1. Be on the look out for your Board Action Letter. The letter summarizes all of the pertinent information you need to make your closing as smoothly as possible. Information listed in the letter can be found in the helpful links section below.
2. Communicate early and communicate often. Pre-closing calls with TWDB staff, consultants, and community contacts are recommended to ensure all parties are on the same page. Contact information for TWDB staff working on your closing is included in the letter.
3. Pay close attention to closing deadlines. Timely delivery of documents is critical for maintaining closing dates and a stress-free closing. Closing timeline tools are available to assist you in planning for and meeting key deadlines.

Closing Calendar Generator

How does a closing work?

TWDB commitments are closed through either the execution of a grant agreement or principal forgiveness agreement, loan agreements for certain entities, or through the purchase of bonds.

In most cases, funds are delivered to an escrow account and then released upon our approvals to your construction account. In order for funds to be delivered we need the following documents from you:

Select the type of commitment you received for a checklist of what you will need to provide.

Ready, Set, Close!

Now that you have your list of required documents let us help you to close your commitment as easily as possible. Here are links to some samples, templates and forms. If you have any questions about any of these documents, please contact your TWDB Project Manager or Financial Analyst, or Flood Grant Coordinator.

• Sufficiency of Funds Statements (sample)
• TWDB-0600 - Closing Instruction Memorandum
• TWDB-0601 - Vendor Setup or Direct Deposit Form
• TWDB-0602 - Wire Transfer Letter Template with Instructions
• TWDB-0603 - Private Placement Memo Template
• TWDB-0604 - FA Loan Terms Template
• TWDB-0605 - Escrow Agreement
• TWDB-0606 - Sufficient Rates and Charges Certification
• TWDB-0607 - Blanket Letter of Representation
• TWDB-1201 - Budget Template for Projects

All executed/final documents must be received and accepted by the TWDB contact person (listed in the Board Action Letter) no later than ten (10) business days prior to your scheduled closing.

In order to ensure your documents can be accepted, it is vital that you ensure the items listed here match throughout the closing documents submitted. Discrepancies between the documents may result in a delay in closing.

1. Loan/Bond/Grant/Principal Forgiveness Amount
2. Issuer/Borrower's Name
3. Legal Description and Series
4. Dated Date
5. Due Date = 1st or 15th
6. Interest Start Date & Frequency
7. Record Date
8. Interest Accrual Start Date = Date of Delivery
9. Redemption/Call Date
10. Denominations = $1,000 or $5,000 (confirm with your TWDB Financial Analyst)
11. Paying Agent Registrar
12. Ratings
13. Official Action = Date Official Action is Adopted
14. Book Entry Only System (bonds only)
15. Delivery Date
16. Maturities = Principal Dates
17. CUSIP Numbers (bonds only)
18. Principal Amounts
19. Interest Rates

You may submit a request for release of funds via a completed outlay report (if required) prior to closing. Failure to provide a completed outlay report and draft closing memo by the required date may result in the release of funds after closing. In order to ensure a smooth and timely delivery of funds, we highly encourage you to coordinate with your consultants and submit drafts of documents to your TWDB Closing Coordinator for review ahead of your due date.