Texas Government Code 1232.1025 – Issuance of Bonds for Military Facilities
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(a) The board may issue and sell bonds in the name of the authority to finance the acquisition or construction of buildings to be used as state military forces facilities.
(b) After receiving a request under § 437.153, the board shall promptly issue and sell bonds in the name of the authority to provide the requested financing.
Terms Used In Texas Government Code 1232.1025
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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
- Property: means real and personal property. See Texas Government Code 311.005
(c) The adjutant general shall accomplish its statutory authority as if the property or building were financed by legislative appropriation. The board and the adjutant general shall adopt a memorandum of understanding that defines the division of authority between the board and adjutant general.
(d) On completion of the acquisition or construction, the adjutant general shall lease the building from the authority.