Texas Water Code 60.041 – Security for Bids On Real Property to Be Sold or Leased for More Than 50 Years
Current as of: 2024 | Check for updates
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Terms Used In Texas Water Code 60.041
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Each bid submitted on real property to be sold or leased for more than 50 years under § 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.