Sec. 252.050. LEASE-PURCHASE OR INSTALLMENT PURCHASE OF REAL PROPERTY. (a) This section applies only to a lease-purchase or installment purchase of real property financed by the issuance of certificates of participation.
(b) The governing body of a municipality may not make an agreement under which the municipality is a lessee in a lease-purchase of real property or is a purchaser in an installment purchase of real property unless the governing body first obtains an appraisal by a qualified appraiser who is not an employee of the municipality. The purchase price may not exceed the fair market value of the real property, as shown by the appraisal.
Added by Acts 1989, 71st Leg., 1st C.S., ch. 10, Sec. 2, eff. Oct. 18, 1989.
Structure Texas Statutes
Title 8 - Acquisition, Sale, or Lease of Property
Subtitle A - Municipal Acquisition, Sale, or Lease of Property
Chapter 252 - Purchasing and Contracting Authority of Municipalities
Section 252.041. Notice Requirement
Section 252.0415. Procedures for Electronic Bids or Proposals
Section 252.042. Requests for Proposals for Certain Procurements
Section 252.043. Award of Contract
Section 252.0435. Safety Record of Bidder Considered
Section 252.0436. Contract With Person Indebted to Municipality
Section 252.044. Contractor's Bond
Section 252.045. Referendum on Issuance of Time Warrants
Section 252.046. Circumstances in Which Current Funds to Be Set Aside
Section 252.047. Payment Method for Certain Contracts
Section 252.048. Change Orders
Section 252.049. Confidentiality of Information in Bids or Proposals
Section 252.050. Lease-Purchase or Installment Purchase of Real Property
Section 252.051. Appraisal Required Before Purchase of Property With Bond Proceeds