Texas Special District Local Laws Code 1118.107 – District Property, Facilities, and Equipment
Current as of: 2024 | Check for updates
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(a) The board may:
(1) lease or acquire property, including facilities and equipment, for the use of the district; and
(2) mortgage or pledge the property as security for the payment of the purchase price.
(b) The board may sell, lease, or otherwise dispose of property, including facilities or equipment, for the district. Sale or other disposal under this subsection must be at a public sale and at a price and on the terms the board determines are most advantageous to the district.
Terms Used In Texas Special District Local Laws Code 1118.107
- 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.
- Personal property: All property that is not real property.
- Property: means real and personal property. See Texas Government Code 311.005
(c) The board may donate to another governmental entity or to a charitable organization any surplus personal property or equipment if the donation serves a public purpose and is accompanied by adequate consideration.