(a) In this section, “property” includes land, rights, tenements, easements, improvements, reservoirs, dams, canals, laterals, plants, works, and facilities.
(b) The authority may with any person enter into a contract, lease, or agreement necessary or convenient to carry out a power granted to the authority under this chapter.

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Terms Used In Texas Special District Local Laws Code 8504.107

  • Contract: A legal written agreement that becomes binding when signed.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
  • Property: means real and personal property. See Texas Government Code 311.005
  • United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005

(c) The authority may:
(1) convey or cause to be conveyed any of its property to the United States; and
(2) enter into a lease, regardless of whether it includes a privilege of purchase, with the United States relating to the property and obligate the authority to pay rent under the lease from the income or other revenue of the property.
(d) A contract, lease, or agreement under this section must be approved by board resolution and must be executed by the board president and attested by the board secretary.
(e) This section does not authorize the authority to assume an obligation requiring a payment from taxes.

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