Tex. Spec. Dist. Local Laws Code Section 8504.306
Sale Under Mortgage or Encumbrance

(a)

Under a sale ordered under a mortgage or encumbrance described by Section 8504.305 (Additional Security for Obligation: Mortgage and Encumbrance), a purchaser of the improvements, facilities, and other property at the sale, and the purchaser’s successors or assigns, are vested with a permit and franchise to maintain and operate the improvements, facilities, and other property, with powers and privileges like those held by the authority in the operation of the improvements, facilities, and other property.

(b)

Instead of operating the improvements, facilities, and other property as provided by Subsection (a), the purchaser and the purchaser’s successors or assigns may remove all or part of the improvements, facilities, and other property for diversion to other purposes.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.04, eff. April 1, 2015.

Source: Section 8504.306 — Sale Under Mortgage or Encumbrance, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­8504.­htm#8504.­306 (accessed May 4, 2024).

8504.001
Definitions 8504.002
Creation and Nature of Authority 8504.003
Territory 8504.004
Liberal Construction of Chapter 8504.0021
Application of Sunset Act 8504.051
Membership of Board 8504.052
Terms 8504.053
Vacancy 8504.054
Oath and Bond Requirement for Directors 8504.055
Compensation of Directors 8504.056
Quorum 8504.057
General Manager 8504.101
Powers Under Constitution and Other Law 8504.102
Powers to Accomplish Purposes for Which Created 8504.103
General Powers Relating to Works and Water 8504.104
Additional Powers Relating to Particular Purposes 8504.105
Powers Relating to Purchase or Construction of Works or Acquisition of Property 8504.106
Additional Powers Relating to Acquisition or Operation of Property 8504.107
Powers Relating to Contract, Lease, Agreement, or Conveyance 8504.108
Powers Relating to Recreational Facilities 8504.109
Eminent Domain 8504.110
State Supervision and Approval 8504.151
Definitions 8504.152
Powers Relating to Canal System 8504.153
Powers Relating to Water 8504.154
Right of First Refusal for Certain Water Contracts 8504.201
Definition 8504.202
Legislative Findings 8504.203
Authority for Economic Development Program 8504.204
Establishment of Program 8504.205
Participation in Program by Other Persons 8504.206
Staffing and Funding of Program 8504.207
Agreement 8504.208
Guidelines for Assistance to Public Firefighting Organizations 8504.209
Board Determination Conclusive 8504.251
Fees and Charges 8504.252
Tax or Special Assessment Not Authorized by Chapter 8504.301
General Power to Borrow Money 8504.302
Covenants for Marketability 8504.303
Holder of Obligation May Compel Performance 8504.304
Holder of Obligation Entitled to Administrator or Receiver 8504.305
Additional Security for Obligation: Mortgage and Encumbrance 8504.306
Sale Under Mortgage or Encumbrance 8504.307
Insuring Improvements and Facilities 8504.308
Tax Exemption
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Accessed:
May 4, 2024

§ 8504.306’s source at texas​.gov