(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
(b) Subsection (a) does not prevent pledging authority revenue as authorized by this
(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, by a
receiver of any authority property, through a court proceeding, or otherwise.
(d) Notwithstanding Subsection (c), the authority may sell for cash authority property
of any kind, or an interest in authority property, if:
(1) the board, by the affirmative vote of six members of the board, determines that
the property or interest is not necessary or convenient to the business of the authority
and approves the terms of the sale; and
(2) the aggregate value of the properties or interests sold in any year does not exceed
(e) It is the intent of the legislature that, except by sale as expressly authorized
by this section, authority property or an interest in authority property never come
into the ownership or control, directly or indirectly, of any person other than a
public authority created under the laws of this state.
(f) Authority property is exempt from forced sale. The sale of authority property under a judgment rendered in a suit is prohibited. (Acts 44th Leg., R.S., G.L., Ch. 126, Secs. 2 (part), 14.)
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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