(a) In this section, “utility system” has the meaning assigned by Section 1502.001, Government Code.
(b) A sponsor may convey a utility system facility or asset or the sponsor’s interest in a utility system facility or asset to the authority without holding an election to approve the conveyance.

(c) A sponsor is exempt from the provisions of Chapter 1502, Government Code, regarding the conveyance, sale, or acquisition of a utility system, or any related works, improvements, facilities, plants, equipment, or appliances.