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Texas Statutes (Last Updated: January 4, 2014) |
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GOVERNMENT CODE |
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Title 9. PUBLIC SECURITIES |
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Subtitle B. PROVISIONS APPLICABLE TO SECURITIES ISSUED BY STATE GOVERNMENT |
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Chapter 1232. TEXAS PUBLIC FINANCE AUTHORITY |
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Subchapter C. OBLIGATIONS |
Sec. 1232.109. AUTHORIZATION TO PURCHASE CERTAIN REAL PROPERTY
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(a) Because there is a continued need to acquire real property in or in the immediate vicinity of state office building complexes for the continued operation of state government, because prices and values of real property periodically fluctuate, and because the state must be able to respond to rapidly changing market conditions to acquire real property at substantial savings to taxpayers, the commission may purchase and renovate real property located, in whole or in part, within 1,000 feet of:
(1) the Capitol Complex in Travis County; or
(2) the John H. Winters Human Services Complex in Travis County.
(b) The commission may contract as necessary to accomplish the purposes stated in Subsection (a). The estimated cost of the project is $10 million. Before purchasing property under this section, the commission must determine that the purchase would be in the state's best interest.