Texas Transportation Code 457.101 – Acquiring and Disposing of Property
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(a) An authority may acquire, hold, use, sell, lease, or dispose of property, including licenses, patents, rights, and other interests, necessary, convenient, or useful for the full exercise of any of its powers under this chapter.
(b) The authority may acquire property described in Subsection (a) in any manner, including by gift or devise.
Terms Used In Texas Transportation Code 457.101
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
(c) An authority may dispose of, by sale, lease, or other conveyance:
(1) any property of the authority not needed for the efficient operation and maintenance of the transit authority system; and
(2) any surplus property not needed for its requirements or for the purpose of carrying out its powers under this chapter.
(d) The lease of unneeded property under Subsection (c) must be consistent with the efficient operation and maintenance of the transit authority system.