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Texas Education Code - EDUC § 46.004. Lease-Purchase Agreements

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A district may receive state assistance in connection with a lease-purchase agreement concerning an instructional facility.  For purposes of this subchapter:

(1) taxes levied for purposes of maintenance and operations that are necessary to pay a district's share of the payments under a lease-purchase agreement for which the district receives state assistance under this subchapter are considered to be bond taxes;  and

(2) payments under a lease-purchase agreement are considered to be payments of principal of and interest on bonds.

(b) Section 46.003(b) applies to taxes levied to pay a district's share of the payments under a lease-purchase agreement for which the district receives state assistance under this subchapter.

(c) A lease-purchase agreement must be for a term of at least eight years to be eligible to be paid with state and local funds under this subchapter.

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Cite this article: FindLaw.com - Texas Education Code - EDUC § 46.004. Lease-Purchase Agreements - last updated January 01, 2024 | https://codes.findlaw.com/tx/education-code/educ-sect-46-004/

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