Sec. 8508.0059. INTEREST IN CONTRACT. (a) A director who has a financial interest in an authority contract for the purchase, sale, lease, rental, or supply of property, including supplies, materials, and equipment, or for the construction of facilities, shall disclose that fact to the other directors and may not vote on or participate in discussions during board meetings on the acceptance of the contract.
(b) A director's financial interest does not affect the validity of a contract if disclosure is made and the director with the financial interest does not vote on the question of entering into the contract.
Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172), Sec. 1.03, eff. April 1, 2021.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle G - River Authorities
Chapter 8508 - Sulphur River Basin Authority
Subchapter B. Board of Directors; Administrative Provisions
Section 8508.0051. Membership of Board
Section 8508.0055. Bond Requirement for Directors
Section 8508.0056. Compensation of Directors
Section 8508.0058. Director Training Program
Section 8508.0059. Interest in Contract
Section 8508.0061. Executive Director
Section 8508.0062. Separation of Policymaking and Management Functions
Section 8508.0063. Directors' and Employees' Fidelity Bonds
Section 8508.0064. Authority's Office
Section 8508.0065. Negotiated Rulemaking and Alternative Dispute Resolution