(a) The authority may enter into a contract, lease, or other agreement necessary or convenient to carry out a power given to the authority by this chapter.
(b) The authority may enter into the contract, lease, or agreement with any person, including:
(1) an individual or artificial entity;
(2) a corporation, including a municipal corporation and a public or private corporation; and
(3) a government or governmental agency, including the United States and this state.

Terms Used In Texas Special District Local Laws Code 8501.163

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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
  • United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005

(c) The authority may:
(1) convey or cause to be conveyed any of its property to the United States; and
(2) enter into a lease, regardless of whether it includes a privilege of purchase, with the United States relating to any property and obligate the authority to pay rent under the lease from the income or other revenue of the property.
(d) A contract, lease, or agreement under this section must be approved by resolution of the board and must be executed by the president and attested by the secretary-treasurer.
(e) This section does not authorize the assumption by the authority of any obligation requiring a payment from taxes.
(f) The property to which Subsection (c) applies includes a right, land, tenement, easement, improvement, reservoir, dam, canal, plant, lateral, work, and facility.

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