Sec. 1232.202. CONTRACTS CONTINGENT ON LEGISLATIVE APPROPRIATIONS. (a) Each lease or installment sale contract entered into under this chapter is contingent on the legislature's appropriation of sufficient funds.
(b) The board may act as necessary to ensure that the payment of the principal of and interest on obligations is continued without interruption if:
(1) sufficient appropriated funds are unavailable;
(2) the commission or another state agency fails to pay a rental or installment; or
(3) the commission or another state agency fails to renew a lease contract.
(c) Permissible actions under Subsection (b) include:
(1) the re-leasing or subleasing of buildings or equipment to any entity; and
(2) the repossession and resale of equipment to any entity.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
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