Texas Government Code 475.0054 – Prerequisite for Execution of Games Support Contract
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Terms Used In Texas Government Code 475.0054
- Contract: A legal written agreement that becomes binding when signed.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
The office may agree to execute a games support contract only if:
(1) the office determines that:
(A) this state’s assurances and obligations under the contract are reasonable; and
(B) any financial commitment of this state will be satisfied exclusively by recourse to the Pan American Games trust fund or the Olympic Games trust fund, as applicable; and
(2) the endorsing municipality or endorsing county has executed an agreement with a site selection organization that contains substantially similar terms.