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Texas Local Government Code - LOC GOV'T § 501.255. Approval of Lease, Sale, or Loan Agreement

Current as of April 14, 2021 | Updated by FindLaw Staff

(a) A lease, sale, or loan agreement entered into under this subtitle must be approved by the economic development office.  The economic development office may not approve an agreement unless the office affirmatively finds that the project sought to be financed furthers the public purposes of this subtitle.

(b) The corporation may appeal an adverse ruling or decision of the economic development office under Subsection (a) to a district court of Travis County.  The substantial evidence rule applies in an appeal under this subsection.

(c) A corporation:

(1) may enter into a lease, sale, or loan agreement under this subtitle without obtaining the consent or approval of any department, division, or agency of this state except as otherwise provided by this subtitle;  and

(2) has full authority with respect to a lease, sale, or loan agreement, except as limited by this subtitle or by rules and guidelines of the economic development office.

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Cite this article: FindLaw.com - Texas Local Government Code - LOC GOV'T § 501.255. Approval of Lease, Sale, or Loan Agreement - last updated April 14, 2021 | https://codes.findlaw.com/tx/local-government-code/loc-gov-t-sect-501-255.html

Read this complete Texas Local Government Code - LOC GOV'T § 501.255. Approval of Lease, Sale, or Loan Agreement on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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