Sale of District Property

Sec. 1501.207. SALE OF DISTRICT PROPERTY. A district may sell to a municipality, and the municipality may buy, district property only if the purchase price paid, when added to other applicable money of the district, is sufficient to provide for the payment of: (1) all outstanding district bonds, including interest on the bonds to: (A) the maturity dates of the bonds; or (B) the dates the district sets for redemption of the bonds; (2) any required redemption premium; and (3) any applicable fee of the bank of payment. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.