Texas Water Code 49.507 – Contract to Purchase Proportionate Water Rights; Water Rights Sale Contract
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(a) A municipal water supplier may contract to purchase the proportionate water rights described by § 49.505.
(b) The purchase price may not exceed 68 percent of the current market value, as determined under § 49.509, for the year that the municipal water supplier petitions the district.
Terms Used In Texas Water Code 49.507
- Contract: A legal written agreement that becomes binding when signed.
- District: means any district or authority created by authority of either Sections Texas Water Code 49.001
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) The contract must be in writing in a document entitled “Water Rights Sales Contract.”
(d) The contract must include the purchase price for the water rights or, if the consideration for the sale is not monetary, the terms of the sale.
(e) The municipal water supplier shall file the contract with the Rio Grande watermaster not later than the 10th day after the date the contract is executed.
(f) The municipal water supplier shall pay the purchase price when the proportionate amount of water rights is made available to the municipal water supplier.