Texas Government Code 821.007 – Control of Home Office Facilities
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Terms Used In Texas Government Code 821.007
- 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
The buildings comprising the home office of the retirement system are under the control and custodianship of the retirement system, but the retirement system shall:
(1) comply with space use regulations provided by Section 2165.104; the General Appropriations Act; or other state law; and
(2) lease to other persons at fair market value all significant unused space in the buildings.