Texas § SD.8513.0321 - SALE, LEASE, MORTGAGE, OR OTHER DISPOSITION OF AUTHORITY PROPERTY

§ SD.8513.0321. SALE, LEASE, MORTGAGE, OR OTHER DISPOSITION OF AUTHORITY PROPERTY

SALE, LEASE, MORTGAGE, OR OTHER DISPOSITION OF AUTHORITY PROPERTY. (a) The authority may not: (1) mortgage or otherwise encumber authority property of any kind, or any interest in authority property; or (2) acquire any property or interest in property subject to a mortgage or conditional sale. (b) Subsection (a) does not prevent pledging authority revenue or income of any kind, except an ad valorem tax imposed by the authority under Section 8513.0601 . (c) This chapter does not authorize the sale, lease, or other disposition of authority property of any kind, or an interest in authority property, by the authority or a receiver of any authority property unless authorized under this chapter or applicable general law. (d) Notwithstanding Subsection (c), the authority may sell or otherwise dispose of authority property of any kind, or an interest in authority property, if the board, by the affirmative vote of a majority of members of the board present at a regular or special meeting, determines that the property or interest is not convenient to the business of the authority and is surplus. (e) The board shall publish notice of a proposed sale once each week for two consecutive weeks in a newspaper of general circulation in the county or counties where the property or interest is located if: (1) the appraised value of the property or interest exceeds $5,000; and (2) the property or interest is not partial or total consideration in a transaction for the exchange of property. (f) Authority property is exempt from forced sale. The sale of authority property under a judgment rendered in a suit is prohibited. Added by Acts 2025, 89th Leg., R.S., Ch. 240 (H.B. 2692 ), Sec. 1, eff. May 29, 2025.