Texas Government Code 2167.056 – Option to Purchase
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(a) If the commission considers it advisable, the commission may lease space for a state agency under a contract that contains an option for the commission to purchase the space subject to the legislature’s appropriation of money for the purchase.
(b) A lease contract containing the option must indicate:
(1) the amount that will accumulate and be credited toward the purchase at various times during the lease term; and
(2) the purchase price of the property at the beginning of each fiscal biennium during the lease term.
Terms Used In Texas Government Code 2167.056
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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