Texas Education Code

§ 45.082 — SALE OF PROPERTY; REVENUE BONDS

ED § 45.082Title 2. PUBLIC EDUCATION · Part I. SCHOOL FINANCE AND FISCAL MANAGEMENT · Ch. 45. SCHOOL DISTRICT FUNDS · Art. D. SALE OF SURPLUS REAL PROPERTY; REVENUE BONDS

Statute text

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(a)The board of a district may sell real property owned by the district and issue revenue bonds payable from the proceeds of the sale subject to this section.

(b)The board must determine by order that the real property is not required for the current needs of the district for educational purposes, and the proceeds from the sale are required and will be used for:

(1)constructing or equipping school buildings in the district or purchasing necessary sites for school buildings; or

(2)paying the principal of and interest and premium on any bonds issued pursuant to this subchapter.

(c)The board is not required to comply with this section if the sale is:

(1)to a corporation established by the district under Chapter 303, Local Government Code; and

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Legislative history

Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.210, eff. Sept. 1, 2001.