Sec. 60.041. SECURITY FOR BIDS ON REAL PROPERTY TO BE SOLD OR LEASED FOR MORE THAN 50 YEARS. Each bid submitted on real property to be sold or leased for more than 50 years under Section 60.040 shall be accompanied by a certified check, cashier's check, or bidder's bond with a responsible corporate surety authorized to do business in Texas. The check or bond shall be in an amount equal to five percent of the bid price for the real property or 100 percent of the first rental payment under the lease and shall guarantee that the bidder will perform the terms of the bid if it is accepted by the district.
Acts 1971, 62nd Leg., p. 110, ch. 58, Sec. 1, eff. Aug. 30, 1971. Amended by Acts 1993, 73rd Leg., ch. 23, Sec. 3, eff. April 6, 1993; Acts 2003, 78th Leg., ch. 588, Sec. 3, eff. June 20, 2003.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 539 (H.B. 1716), Sec. 3, eff. September 1, 2015.
Acts 2017, 85th Leg., R.S., Ch. 427 (S.B. 1395), Sec. 4, eff. June 1, 2017.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 60 - Navigation Districts--General Provisions
Subchapter C. Additional Powers and Duties of Certain Districts
Section 60.031. Application of Subchapter
Section 60.032. Authority to Construct Improvements
Section 60.033. Use of Equipment
Section 60.034. Oil, Gas, and Mineral Leases
Section 60.035. Notice of Certain Oil, Gas, and Mineral Leases
Section 60.036. Security for Bid on Oil, Gas, or Mineral Leases
Section 60.037. Award and Execution of Oil, Gas, and Mineral Leases
Section 60.038. Sale or Lease of Land
Section 60.0381. Conveyance of Land by Certain Navigation Districts
Section 60.040. Publication of Notice for Sales, Easements, and Leases in Excess of 50 Years
Section 60.041. Security for Bids on Real Property to Be Sold or Leased for More Than 50 Years
Section 60.042. Award and Execution of Deed or Lease in Excess of 50 Years