Tex. Gov't Code Section 1508.207
Discontinuation of Sea Life Park and Oceanarium; Sale or Lease of Surplus Property

(a)

The governing body of a municipality by ordinance may abandon the use of property for a sea life park and oceanarium and sell or lease the property for any purpose the governing body determines is appropriate and in the interest of the residents of the municipality if:

(1)

the property was partly or wholly financed under this subchapter; and

(2)

the governing body finds that use of the property as a sea life park and oceanarium should be abandoned because:

(A)

the sea life park and oceanarium is no longer economically feasible; and

(B)

the continued use of the property as a sea life park and oceanarium would be unprofitable.

(b)

The municipality must sell property under this section only to the highest and best bidder as required for other property sold by the municipality.

(c)

The municipality may lease property under this section for another purpose for a term and under such other provisions as agreed to by the governing body.

(d)

The municipality shall apply rent received under a lease under Subsection (c) as required by any ordinance authorizing the issuance of certificates of indebtedness secured in whole or in part by revenue derived from the sea life park and oceanarium.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Source: Section 1508.207 — Discontinuation of Sea Life Park and Oceanarium; Sale or Lease of Surplus Property, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­1508.­htm#1508.­207 (accessed May 18, 2024).

1508.001
Authority for Parks, Recreational Facilities, and Airports 1508.002
Authority to Issue Bonds, Notes, and Warrants 1508.003
Pledge of Income 1508.004
Authority to Grant Franchise 1508.005
Obligations Not Debt of Municipality 1508.006
Election 1508.007
Records 1508.008
Annual Report 1508.009
Offense 1508.010
Civil Enforcement 1508.051
Authority for Swimming Pools 1508.052
Authority to Issue Revenue Bonds 1508.053
Issuance of Bonds 1508.054
Bonds Not Debt of Municipality 1508.055
Effect on Other Law 1508.101
Applicability of Subchapter 1508.102
Authority for Certain Health or Recreational Facilities 1508.103
Authority to Issue Bonds, Notes, and Warrants 1508.104
Pledge of Income 1508.105
Mortgage 1508.106
Obligation Not Payable from Taxes 1508.107
Application of Other Law 1508.108
Operating Expenses as First Lien 1508.109
Rents and Concession Charges 1508.110
Use of Income for Other Purpose Prohibited 1508.111
Management and Control 1508.112
Appointment of Trustee 1508.113
Notice to Governing Body Before Foreclosure or Other Action 1508.151
Applicability of Subchapter 1508.152
Authority for Park Facilities 1508.153
Authority to Issue Revenue Bonds 1508.154
Pledge of Revenue 1508.155
Additional Security 1508.156
Maturity 1508.157
Additional Bonds 1508.158
Sale of Bonds 1508.159
Review and Approval of Contracts by Attorney General 1508.160
Charges 1508.161
Use of Ad Valorem Taxes 1508.162
Refunding Bonds 1508.163
Public Purpose 1508.164
Conflict or Inconsistency with Other Law 1508.201
Applicability of Subchapter 1508.202
Authority to Issue Certificates of Indebtedness 1508.203
Security for Certificates 1508.204
Sale or Delivery of Certificates 1508.205
Authority to Enter into Agreement Regarding Public Facilities 1508.206
Acquisition of Public Facility from Operator 1508.207
Discontinuation of Sea Life Park and Oceanarium 1508.208
Conflict or Inconsistency with Other Law
Green check means up to date. Up to date

Accessed:
May 18, 2024

§ 1508.207’s source at texas​.gov