Texas Transportation Code 452.111 – Extraordinary Vote Required in Certain Authorities
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Terms Used In Texas Transportation Code 452.111
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
A subregional board created under Subchapter O that governs an authority consisting of one subregion may not, except by a two-thirds vote of the board:
(1) issue any debt allowed by law;
(2) enter a lease as lessee or financing agreement as obligor if the lease or agreement is secured by the other assets of the authority;
(3) effect a major change as described by § 452.303 in a service plan;
(4) approve the financial plan for the authority; or
(5) enter an agreement under § 452.055(c).