(a) In this section, “authority” means a rapid transit authority created under Chapter 451, Transportation Code.
(b) The district and an authority may agree to jointly construct, own, operate, and maintain a transit facility or a parking facility under the terms the authority and district desire.

Terms Used In Texas Special District Local Laws Code 3860.155

  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Property: means real and personal property. See Texas Government Code 311.005

(c) The agreement may provide that the district and the authority exchange or trade land provided that each party to the agreement receives fair market value. The authority is not required to offer any property that it proposes to trade to the district for sale to the public or for sale to any abutting property owner.

  Previous section
Next section  
 Subchapter D Contents