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Texas Local Government Code

§ 252.050 — LEASE-PURCHASE OR INSTALLMENT PURCHASE OF REAL PROPERTY

LG § 252.050Title 8. ACQUISITION, SALE, OR LEASE OF PROPERTY · Part A. MUNICIPAL ACQUISITION, SALE, OR LEASE OF PROPERTY · Ch. 252. PURCHASING AND CONTRACTING AUTHORITY OF MUNICIPALITIES · Art. C. PROCEDURES

Statute text

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(a)This section applies only to a lease-purchase or installment purchase of real property financed by the issuance of certificates of participation.
(b)The governing body of a municipality may not make an agreement under which the municipality is a lessee in a lease-purchase of real property or is a purchaser in an installment purchase of real property unless the governing body first obtains an appraisal by a qualified appraiser who is not an employee of the municipality. The purchase price may not exceed the fair market value of the real property, as shown by the appraisal.

Legislative history

Added by Acts 1989, 71st Leg., 1st C.S., ch. 10, Sec. 2, eff. Oct. 18, 1989.

Source: Texas Local Government Code § 252.050 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.