1. (a) The commission may authorize the lease of a highway asset if it finds that:

   1. (1) the interest to be leased will not be needed for highway purposes during the period of the lease;
   2. (2) the lease is for a purpose that is not inconsistent with the applicable highway use; and
   3. (3) the lease will be economically beneficial to the department.

2. (b) The director may authorize the lease of a highway asset if:

   1. (1) the director makes the findings required by subsection (a) of this section; and
   2. (2) the term of the lease does not exceed two years, or the lease contains a cancellation clause by which the department, in its sole discretion, may terminate the lease with not more than two years notice.

Source Note:The provisions of this §21.602 adopted to be effective August 15, 2002, 27 TexReg 7177; amended to be effective February 18, 2015, 40 TexReg 721.