(a) The board shall adopt rules requiring a contract entered into by a governmental entity concerning a private sector prison industries program operated under this subchapter to:
(1) include specific job descriptions for any work that will be performed by participants under the contract;
(2) include a specific description, in plain language and in an easily readable and understandable format, of any product that will be manufactured under the contract; and
(3) charge a private sector prison industries employer or other participating entity the fair market value for the lease of any property owned by the governmental entity and leased to the employer or entity under the contract.
(b) For the purposes of Subsection (a), “fair market value” means an amount or rate that is equal to or greater than the average amount or rate paid by the state for the lease of substantially similar property.

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Terms Used In Texas Government Code 497.063

  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • Property: means real and personal property. See Texas Government Code 311.005