Sec. 62.120. CONTRACT FOR AND LEASE OF WATER SYSTEM. (a) A district may enter into operating contracts and leases with cities and other governmental subdivisions for the operation of the portions of the district's water system which are designated by the board.
(b) To the extent that the proceeds of revenue bonds were used to acquire the portion leased, the annual payments paid by the lessee to the district shall be in a sum which is sufficient to permit the district to pay the proportionate part of the principal, interest, reserves, and other requirements provided by the bond proceedings on any revenue bonds which were issued to acquire the leased properties.
(c) Bonds issued to acquire, improve, enlarge, or extend leased properties may mature serially or otherwise not more than 50 years from their date of issue.
Added by Acts 1971, 62nd Leg., p. 1625, ch. 452, Sec. 2, eff. May 26, 1971.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 62 - Article Xvi, Section 59, Navigation Districts
Subchapter D. Powers and Duties
Section 62.101. Purposes of District
Section 62.102. Districts as Governmental Agencies
Section 62.103. Duties of County Officials
Section 62.104. Duties of District Engineer
Section 62.106. Condemnation Proceedings
Section 62.107. Acquisition and Conveyance of Land
Section 62.1071. Acquisition of Land, Equipment, or Improvements in Certain Counties
Section 62.1072. Additional Commissioners for Acquisitions From Certain Municipalities
Section 62.108. Entry on Property
Section 62.110. Notice of Bids
Section 62.111. Award of Contract
Section 62.112. Interest in Contracts
Section 62.113. Form of Contracts
Section 62.114. Bond of Contractor
Section 62.115. Supervision of Work
Section 62.116. Inspection of Work; Payment
Section 62.118. Cooperation With United States
Section 62.119. Preference Lien; Waiver; Enforcement
Section 62.120. Contract for and Lease of Water System
Section 62.122. Disposition of Salvage or Surplus Personal Property