Texas Special District Local Laws Code 8508.0112 – Acquisition, Maintenance, and Operation of Property
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Terms Used In Texas Special District Local Laws Code 8508.0112
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
- Property: means real and personal property. See Texas Government Code 311.005
The authority may purchase, lease, acquire by gift, maintain, use, and operate property of any kind inside or outside the authority that is appropriate for the exercise of its powers or the accomplishment of its purposes.