Texas Special District Local Laws Code 1027.108 – District Property, Facilities, and Equipment
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(a) The board shall determine the type of equipment and the type, number, and location of buildings required to maintain an adequate hospital system.
(b) The board may lease all or part of the district’s buildings and other facilities on terms considered to be in the best interest of the district’s inhabitants. The term of the lease may not exceed 25 years.
Terms Used In Texas Special District Local Laws Code 1027.108
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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.
(c) The district may acquire equipment for use in the district’s hospital system and mortgage or pledge the property as security for the payment of the purchase price. A contract entered into under this subsection must provide that the entire obligation be retired not later than the fifth anniversary of the date of the contract.
(d) The district may sell or otherwise dispose of any property, including equipment, on terms the board finds are in the best interest of the district’s inhabitants. The board may not sell or dispose of any real property unless the board affirmatively finds that the real property is not needed for the operation of the hospital system.