Texas Transportation Code

§ 463.107 — DURATION OF CONTRACTS

TN § 463.107Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 463. REGIONAL TRANSIT AUTHORITIES · Art. C. MANAGEMENT OF AUTHORITY

Statute text

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An authority may contract for payment with debt obligations and for performance and payments to extend longer than one fiscal year if the contract provides for the discharge of the authority's contractual obligations by any method, including:

(1)committing current year funds or cancellation charges; and

(2)making the contract subject to the future availability of funds.

Legislative history

Added by Acts 2019, 86th Leg., R.S., Ch. 151 (H.B. 71), Sec. 1, eff. May 24, 2019.