Texas Local Government Code 379B.004 – Powers and Duties of Authority
(a) An authority may exercise power necessary or convenient to carry out a purpose of this chapter, including the power to:
(1) adopt an official seal, or alter it;
(2) adopt rules;
(3) enter into a contract or incur a liability;
(4) acquire and dispose of money;
(5) select a depository;
(6) establish a system of accounts for the authority;
(7) invest funds in accordance with Chapter 2256, Government Code;
(8) set the fiscal year for the authority;
(9) adopt an annual operating budget for major expenditures before the beginning of the fiscal year;
(10) borrow money or issue a bond in an amount that does not exceed the maximum amount set by the board;
(11) loan money;
(12) acquire, lease, lease-purchase, convey, grant a mortgage on, or otherwise dispose of a property right, including a right regarding base property;
(13) lease property located on the base property to a person to effect the purposes of this chapter;
(14) request and accept a donation, grant, guaranty, or loan from any source permitted by law;
(15) operate and maintain an office;
(16) charge for the use, lease, or sale of an open space or a facility;
(17) exercise a power granted to a municipality by Chapter 380;
(18) authorize by resolution the incorporation of a nonprofit airport facility financing corporation as provided and authorized by Subchapter E, Chapter 22, Transportation Code, to provide financing to pay the costs, including interest, and reserves for the costs of an airport facility authorized by that chapter and for other purposes set forth in the articles of incorporation;
(19) exercise the powers granted to a local government for the financing of facilities to be located on airport property, including those set out in Chapter 22, Transportation Code, consistent with the requirements and the purposes of Section 52-a, Article III, Texas Constitution;
(20) lease, own, and operate an airport and exercise the powers granted to municipalities and counties by Chapter 22, Transportation Code;
(21) lease, own, and operate port facilities for air, trucking, and rail transportation;
(22) provide security for port functions, facilities, and operations;
(23) cooperate with and participate in programs and security efforts of this state and the federal Department of Homeland Security; and
(24) participate as a member or partner of a limited liability company, a limited liability partnership, or other entity organized to finance a project designated as a redevelopment project under Section 379B.009.
(b) An authority shall establish and maintain an office and agent registered with the secretary of state.
Terms Used In Texas Local Government Code 379B.004
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) An authority shall endeavor to raise revenue sufficient to pay its debts.