Sec. 1401.082. REVENUE BOND REPAYMENT AND LEASE AGREEMENT. (a) In accordance with a lease agreement, the appropriate agency, with money appropriated for the purpose, shall pay to the board an amount the board determines to be sufficient to:
(1) pay the principal of and interest on the bonds issued under Section 1401.061;
(2) maintain a reserve fund necessary to service the debt; and
(3) reimburse the authority for other costs and expenses relating to:
(A) a project; or
(B) the outstanding bonds.
(b) For purposes of this section, a state agency may enter into a lease agreement in the name of and on behalf of the state.
(c) A state agency shall include in its biennial appropriation request an amount sufficient to pay the principal of and interest on outstanding bonds issued under Section 1401.061 for the agency.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
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