Terms Used In Texas Special District Local Laws Code 3001.114

  • 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.
  • Property: means real and personal property. See Texas Government Code 311.005

The district may acquire or dispose of property in any manner, including by:
(1) conveyance;
(2) mortgage; or
(3) lease, as lessor or lessee.