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Texas Statutes (Last Updated: January 4, 2014) |
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GOVERNMENT CODE |
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Title 9. PUBLIC SECURITIES |
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Subtitle J. SPECIFIC AUTHORITY FOR MUNICIPALITIES TO ISSUE SECURITIES |
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Chapter 1509. OBLIGATIONS FOR OTHER MUNICIPAL PURPOSES |
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Subchapter A. BONDS FOR FACILITIES TO BE SOLD OR LEASED TO PUBLIC OR PRIVATE ENTITIES |
Sec. 1509.002. AUTHORITY TO ACQUIRE PROPERTY FOR SALE OR LEASE TO INSTITUTION OF HIGHER EDUCATION
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(a) In this section, "institution of higher education" has the meaning assigned by Section 61.003, Education Code.
(b) This section applies only to a municipality that:
(1) has a population of more than 17,000 but less than 18,000; and
(2) is located in two counties with populations of 550,000 or more but less than 4.2 million.
(c) A municipality may acquire land and may construct or acquire a building or other facility for the purpose of selling or leasing the land, building, or other facility to an institution of higher education that will provide a significant number of vocational and vocational-technical education courses in the facility for public use.
(d) The municipality may sell or lease the property:
(1) without public notice or bidding; and
(2) on terms the governing body of the municipality finds acceptable.
(e) A municipality may not acquire land under this section by eminent domain.
(f) A sale under Subsection (c) may be by an installment sale agreement or otherwise.