Texas Health and Safety Code 262.031 – Sale of Property; General Provisions
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(a) The board may sell, through sealed bids or at a public auction, real property acquired by gift or purchase that the board determines is not needed for hospital purposes if the sale does not violate:
(1) a trust indenture or bond resolution relating to outstanding bonds of the authority;
(2) prior restrictions placed on the use of the property; or
(3) an agreement between the authority and a nonprofit corporation under Chapter 223.
(b) If the board conducts the sale by sealed bids, the board shall provide notice of the sale under § 272.001, Local Government Code.
Terms Used In Texas Health and Safety Code 262.031
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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.
- Week: means seven consecutive days. See Texas Government Code 311.005
(c) If the board conducts the sale by public auction, the board shall publish a notice of the sale once a week for three consecutive weeks in a newspaper of general circulation in each municipality in the authority. The notice must include a description of the property and the date, time, and place of the auction. The first notice must be published not later than the 21st day before the date of the auction.
(d) This section does not affect the authority’s powers under Chapter 223.