Current as of April 14, 2021 | Updated by FindLaw Staff
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(a) The board may provide for the payment of the principal of and interest on obligations issued under this chapter:
(1) by pledging all or part of the revenue derived from:
(A) leasing a building or equipment to a state agency either directly or through the commission; or
(B) selling equipment on an installment basis to a state agency either directly or through the commission; or
(2) from any other funds lawfully available to the board.
(b) From funds appropriated for paying rental charges or making installment payments on buildings or equipment, the commission or an occupying or using state agency shall pay to the board a rental or make installment payments on the buildings or equipment.
(c) The board shall determine the amount of the rental or installment payments. The amount must be sufficient to:
(1) pay the principal of and interest on the obligations;
(2) maintain any reserve fund required for servicing the obligations; and
(3) reimburse the authority for other costs incurred by it with respect to the obligations.
(d) When the commission or another state agency is required by Subsection (b) to pay a rental to the authority and the commission or other state agency depends on receiving a rental from an occupying or using state agency to pay the authority, the commission or other state agency shall set the rental in an amount that is sufficient to pay the rental required by the board.
(e) In addition to other sources of repayment provided by this section, the legislature by law may direct that money in the Texas capital trust fund account be used to pay the principal of and interest on bonds issued under this chapter for the acquisition or construction of a building.
(f) The legislature may require the deposit into the Texas capital trust fund account of all or part of the proceeds of a transaction concerning a building.
Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1232.116. Manner of Repayment - last updated April 14, 2021 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1232-116/
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