Texas Government Code 1232.122 – Commencement of Construction, Purchase, or Lease
Current as of: 2024 | Check for updates
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Terms Used In Texas Government Code 1232.122
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- 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 acquisition or construction of a building or the purchase or lease of equipment may begin after:
(1) the authority has certified that obligations in an amount sufficient to pay the construction or purchase price of the project have been authorized for issuance by the authority and approved by the Bond Review Board; or
(2) the proceeds have been deposited into the state treasury and:
(A) the comptroller has certified that the proceeds are available;
(B) the reserve funds and capitalized interest, as certified by the authority as reasonably required, have been paid; and
(C) the costs of issuing the obligations, as certified by the authority, have been paid.