Texas Special District Local Laws Code 4501.105 – Conditional Transfer of Property
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(a) A conveyance of authority property, including a lease, to a private operator or any other person must be conditioned on an obligation that the property must be used as provided by this section.
(b) The conveyance must provide that ownership of authority property automatically reverts to the Parks and Wildlife Department if the authority or a private operator:
(1) does not use the property:
(A) to support the operations of the Texas State Railroad; or
(B) in a manner that primarily promotes a state public interest; or
(2) converts the Texas State Railroad to a static display.
Terms Used In Texas Special District Local Laws Code 4501.105
- 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
- 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.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005