Texas Government Code 2116.073 – Leasing Property and Use of Lease Proceeds
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(a) The comptroller may lease at fair market value any portion of a property acquired under this subchapter to a private tenant for commercial activities.
(b) Money received by the comptroller under a lease of property acquired under this subchapter may be used by the comptroller to:
(1) repay obligations issued under Section 1232.1026 and used to acquire the property or construct the building; or
(2) make payments under a lease-to-purchase agreement or other comparable financing agreement between the comptroller and the Texas Public Finance Authority.
Terms Used In Texas Government Code 2116.073
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: means real and personal property. See Texas Government Code 311.005