Texas Government Code 2166.4542 – Purchasing Certain Leased Space
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(a) Subject to § 2166.454(b), the commission may purchase any or all of the space described by § 2166.454(a) in accordance with this section and Chapter 1232.
(b) The commission shall request the Texas Public Finance Authority to issue revenue obligations to finance the purchase price of any or all of the space described by § 2166.454(a) that the commission elects to purchase under this section. The authority shall issue the revenue obligations in accordance with and subject to all provisions of Chapter 1232 applicable to revenue obligations, including all provisions relating to ensuring that the revenue obligations are paid, except that § 1232.108(2) does not apply.
Terms Used In Texas Government Code 2166.4542
- 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
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(c) The authority shall issue the revenue obligations in amounts sufficient to:
(1) pay the authority’s expenses in connection with issuing the revenue obligations;
(2) pay the purchase price of the space described by § 2166.454(a) included in the request of the commission according to the terms of the applicable existing lease with an option to purchase agreement or agreements; and
(3) if the commission considers it advisable to make capital improvements to the space, pay for making the capital improvements.
(d) At the time that a building is purchased under this section, money specifically appropriated by the legislature to an agency occupying space in the building for lease payments under the applicable lease with an option to purchase agreement, or the money available to and budgeted by the agency for that purpose, shall be transferred to the commission and used by the commission only to make the required lease or rental payments to the authority during the remainder of the state fiscal biennium during which the building was purchased under this section.
(e) This section expires September 2, 2008, except that this section is continued in effect after that date for the limited purpose of applying with regard to any transaction authorized by § 2166.454 and this section that occurs before that date.
For expiration of Section 2166.4542, see Subsection (e).
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