Tex. Spec. Dist. Local Laws Code Section 8506.108
Sale, Lease, Mortgage, or Other Disposition of Authority Property

(a)

The authority may not:

(1)

mortgage or otherwise encumber authority property of any kind, or any interest in authority property; or

(2)

acquire any property or interest in property subject to a mortgage or conditional sale.

(b)

Subsection (a) does not prevent pledging authority revenue as authorized by this chapter.

(c)

This chapter does not authorize the sale, lease, or other disposition of authority property of any kind, or an interest in authority property, by the authority, by a receiver of any authority property, through a court proceeding, or otherwise.

(d)

Notwithstanding Subsection (c), the authority may sell for cash authority property of any kind, or an interest in authority property, if:

(1)

the board, by the affirmative vote of six members of the board, determines that the property or interest is not necessary or convenient to the business of the authority and approves the terms of the sale; and

(2)

the aggregate value of the properties or interests sold in any year does not exceed $50,000.

(e)

It is the intent of the legislature that, except by sale as expressly authorized by this section, authority property or an interest in authority property never come into the ownership or control, directly or indirectly, of any person other than a public authority created under the laws of this state.

(f)

Authority property is exempt from forced sale. The sale of authority property under a judgment rendered in a suit is prohibited.
Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.05, eff. April 1, 2017.

Source: Section 8506.108 — Sale, Lease, Mortgage, or Other Disposition of Authority Property, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­8506.­htm#8506.­108 (accessed Jun. 5, 2024).

8506.001
Definitions 8506.002
Creation and Nature of Authority 8506.003
Territory 8506.004
Liberal Construction of Chapter 8506.0021
Application of Sunset Act 8506.051
Membership of Board 8506.052
Terms 8506.053
Removal 8506.054
Vacancy 8506.055
Voting Requirement 8506.056
Officers and Employees 8506.057
Surety Bonds 8506.058
Authority’s Office and Domicile 8506.059
Conflict of Interest 8506.060
Director Training Program 8506.061
Separation of Policymaking and Management Functions 8506.062
Negotiated Rulemaking and Alternative Dispute Resolution 8506.063
Public Comment Policy 8506.101
General Powers 8506.102
Powers Related to Water of Colorado River and Its Tributaries 8506.103
Sale and Distribution of Water Outside Boundaries of Authority 8506.104
Development, Generation, Distribution, and Sale of Water Power and Electric Energy 8506.105
Prevention of Damage to Persons or Property 8506.106
Forestation and Reforestation 8506.107
Authority Property 8506.108
Sale, Lease, Mortgage, or Other Disposition of Authority Property 8506.109
Overflow or Inundation of Public Property 8506.110
Construction, Maintenance, and Operation of Facilities 8506.111
Seal 8506.112
General Contract Powers 8506.113
Additional Powers Relating to Contracts, Rules, and Regulations 8506.114
Limitations on Powers of Authority 8506.115
Public Use of Authority’s Land 8506.116
Complaints 8506.151
Disbursement of Money 8506.152
Accounts, Contracts, and Other Records 8506.153
Filing of Copies of Audit Report 8506.154
Rates and Other Charges 8506.155
Use of Excess Revenue 8506.156
Tax or Assessment or Pledge of Credit of State Not Authorized by Chapter 8506.201
Loans and Grants 8506.202
State Pledge Regarding Rights and Remedies of Bondholders 8506.203
Obligation Payable from Revenue 8506.204
Power to Issue Revenue Bonds 8506.205
Terms of Issuance 8506.206
Deposit of Proceeds 8506.207
Resolution Provisions 8506.208
Default Procedures 8506.209
Power of Authority to Purchase Bonds Issued by Authority 8506.210
Bonds Exempt from Taxation
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 8506.108’s source at texas​.gov