Texas Special District Local Laws Code 5012.0104 – Gift or Purchase of Property
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Terms Used In Texas Special District Local Laws Code 5012.0104
- 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
The authority by gift or purchase may acquire any property or any interest in property that is:
(1) inside or outside the authority’s boundaries; and
(2) necessary or convenient to exercising a power, right, privilege, or function conferred on the authority by this chapter.