Sec. 1508.207.  DISCONTINUATION OF SEA LIFE PARK AND OCEANARIUM;  SALE OR LEASE OF SURPLUS PROPERTY.  (a)  The governing body of a municipality by ordinance may abandon the use of property for a sea life park and oceanarium and sell or lease the property for any purpose the governing body determines is appropriate and in the interest of the residents of the municipality if:
(1)  the property was partly or wholly financed under this subchapter;  and
(2)  the governing body finds that use of the property as a sea life park and oceanarium should be abandoned because:
(A)  the sea life park and oceanarium is no longer economically feasible;  and
(B)  the continued use of the property as a sea life park and oceanarium would be unprofitable.
(b)  The municipality must sell property under this section only to the highest and best bidder as required for other property sold by the municipality.
(c)  The municipality may lease property under this section for another purpose for a term and under such other provisions as agreed to by the governing body.
(d)  The municipality shall apply rent received under a lease under Subsection (c) as required by any ordinance authorizing the issuance of certificates of indebtedness secured in whole or in part by revenue derived from the sea life park and oceanarium.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.