Common use of STATUTORY PROVISION Clause in Contracts

STATUTORY PROVISION. IS UNDERSTOOD BY AND BETWEEN THE PARTIES THAT ANY PROVISION OF THIS CONTRACT REQUIRING LEGISLATIVE ACTION TO PERMIT ITS IMPLEMENTATION BY AMENDMENT OF LAW OR BY PROVIDING THE ADDITIONAL FUNDS THEREFORE, SHALL NOT BECOME EFFECTIVE UNTIL THE APPROPRIATE LEGISLATIVE BODY HAS GIVEN APPROVAL.

STATUTORY PROVISION. IT IS UNDERSTOOD AGREED BY AND BETWEEN THE PARTIES THAT ANY PROVISION OF THIS CONTRACT AGREEMENT REQUIRING LEGISLATIVE ACTION TO PERMIT ITS IMPLEMENTATION BY AMENDMENT OF LAW OR BY PROVIDING THE ADDITIONAL FUNDS THEREFORE, SHALL NOT BECOME EFFECTIVE UNTIL THE APPROPRIATE LEGISLATIVE BODY HAS GIVEN APPROVAL. THE AUTHORITY’S BOARD IS THE LEGISLATIVE BODY FOR PURPOSES OF THIS ARTICLE.