Texas Transportation Code 463.107 – Duration of Contracts
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Terms Used In Texas Transportation Code 463.107
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Year: means 12 consecutive months. See Texas Government Code 311.005
An authority may contract for payment with debt obligations and for performance and payments to extend longer than one fiscal year if the contract provides for the discharge of the authority’s contractual obligations by any method, including:
(1) committing current year funds or cancellation charges; and
(2) making the contract subject to the future availability of funds.