 |
Texas Statutes (Last Updated: January 4, 2014) |
 |
LOCAL GOVERNMENT CODE |
|
Title 12. PLANNING AND DEVELOPMENT |
|
Subtitle C1. ADDITIONAL PLANNING AND DEVELOPMENT PROVISIONS APPLYING TO MORE THAN ONE TYPE OF LOCAL GOVERNMENT |
|
Chapter 501. PROVISIONS GOVERNING DEVELOPMENT CORPORATIONS |
|
Subchapter D. CORPORATE POWERS AND LIMITATIONS RELATING TO PROJECTS |
Sec. 501.153. LEASE OR SALE OF PROJECT
-
(a) A corporation may:
(1) lease all or any part of a project to a user, for the rental and on the terms that the corporation's board of directors considers advisable and not in conflict with this subtitle; or
(2) sell, by installment payments or otherwise, and convey all or any part of a project to a user for the purchase price and on the terms the corporation's board of directors considers advisable and not in conflict with this subtitle.
(b) A corporation may grant a lessee an option to purchase all or any part of a project when all bonds of the corporation delivered to provide those facilities have been paid or provision has been made for the bonds' final payment. This subsection is procedurally exclusive for authority to convey or grant an option to purchase all or part of a project, and reference to another law is not required.