Sec. 254.062. LEASE OR SALE OF ISLAND PROPERTY. (a) In connection with the issuance of revenue obligations, a municipality or board may lease, sublease, or sell island property to be constructed or acquired with the proceeds of the obligations.
(b) A lease, sublease, or contract of sale may contain any provision that the municipality or board considers advantageous.
(c) A lease, sublease, or contract of sale may provide for the lessee or purchaser of the island property to make payments in amounts adequate to pay the principal of and interest and premium on the obligations when they become due.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 9, eff. Sept. 1, 1999.
Structure Texas Statutes
Title 8 - Acquisition, Sale, or Lease of Property
Subtitle A - Municipal Acquisition, Sale, or Lease of Property
Chapter 254 - Acquisition and Development of Island Property
Section 254.051. Authority of Municipality to Issue Obligations
Section 254.053. Authority of Board to Issue Obligations
Section 254.054. Limitation on Aggregate Amount of Expense Notes
Section 254.055. Maturity of Obligation
Section 254.056. Signatures; Seal
Section 254.057. Sale of Obligations
Section 254.058. Contents of Ordinance or Resolution
Section 254.059. Review and Approval of Contracts Relating to Revenue Obligations
Section 254.060. Security for and Payment of Obligations Payable From Revenue
Section 254.061. Use of Certain Proceeds