Texas Local Government Code 501.252 – State Standards and Guidelines for Lease, Sale, or Loan Agreements
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(a) The economic development office shall adopt rules:
(1) providing minimum standards for lease, sale, and loan agreements entered into under this subtitle; and
(2) providing guidelines with respect to the business experience, financial resources, and responsibilities of the lessee, purchaser, or borrower under a lease, sale, or loan agreement entered into under this subtitle.
(b) The economic development office may adopt rules governing the terms of a loan made by a corporation to a bank or other lending institution the proceeds of which are reloaned as permanent or temporary financing of a project.
Terms Used In Texas Local Government Code 501.252
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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