Texas Transportation Code 201.978 – Acquisition and Disposal of Property
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(a) The department may acquire by purchase property or an interest in property necessary or convenient for one or more of the purposes for which obligations may be issued under § 201.973(d).
(b) Property acquired under Subsection (a) may be used for any transportation purpose.
Terms Used In Texas Transportation Code 201.978
- 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
- Property: means real and personal property. See Texas Government Code 311.005
(c) Notwithstanding Chapter 202, the department may sell or lease property acquired under Subsection (a) that is no longer needed for a transportation purpose. Revenue from a sale or lease shall be deposited in the fund.