Texas Local Government Code 252.051 – Appraisal Required Before Purchase of Property With Bond Proceeds
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Terms Used In Texas Local Government Code 252.051
- Appraisal: A determination of property value.
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
- Property: means real and personal property. See Texas Government Code 311.005
A municipality may not purchase property wholly or partly with bond proceeds until the municipality obtains an independent appraisal of the property’s market value.