Texas Local Government Code 505.1041 – Appraisal Required Before Purchase of Property With Bond Proceeds
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Terms Used In Texas Local Government Code 505.1041
- Appraisal: A determination of property value.
- 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.
- Property: means real and personal property. See Texas Government Code 311.005
A Type B corporation may not purchase property for a project wholly or partly with bond proceeds until the corporation obtains an independent appraisal of the property’s market value.