Texas Special District Local Laws Code 5007.228 – Acceptance of Gifts
Current as of: 2024 | Check for updates
|
Other versions
(a) In this section, “gift” means a gift, grant, donation, or bequest of money or property accepted under Section 60.124, Water Code, that has a value of $500 or more.
(b) The authority may accept a gift only if, not later than the 90th day after the date the port commission receives the gift, the port commission, in an open meeting, acknowledges the acceptance of the gift.
Terms Used In Texas Special District Local Laws Code 5007.228
- Bequest: Property gifted by will.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Property: means real and personal property. See Texas Government Code 311.005
(c) For a gift accepted under Subsection (b), the authority must record the name of the donor, a description of the gift, and a statement of the purpose of the gift in the minutes of the port commission.